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Paytm gets NPCI approval to become a third-party UPI app

Inshorts · 1y ago

Paytm gets NPCI approval to become a third-party UPI app

National Payments Corporation of India (NPCI) has granted approval to One97 Communications Limited (OCL), Paytm's parent entity, to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model. Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to OCL.

Related News

RBI directs NPCI to examine Paytm's request for being third-party app for UPI

Livemint

Livemint · 1y ago

RBI directs NPCI to examine Paytm's request for being third-party app for UPI

The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to evaluate Paytm's request to become a third-party application provider for unified payments interface (UPI) payments. The RBI has also prohibited Paytm Payments Bank from receiving further credits after March 15, 2024. If approved, Paytm will require the support of several banks to continue processing UPI payments. The directive aims to ensure seamless digital payments for UPI customers using the Paytm app and minimize concentration risk in the UPI system. Paytm is the third largest app for UPI payments in India.

RBI moves to ensure continuity of UPI payments on Paytm

VCCircle

VCCircle · 1y ago

RBI moves to ensure continuity of UPI payments on Paytm

The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider (TPAP) for the country's Unified Payments Interface (UPI). If approved, Paytm would require a group of banks to support its app for processing UPI payments. The RBI stated that the NPCI should bring in four to five banks capable of processing high volumes of UPI payments to serve as service providers for Paytm. The move by RBI aims to ensure the continuity of UPI payments on Paytm.

Paytm gets NPCI nod to become a third-party UPI app

Money Control

Money Control · 1y ago

Paytm gets NPCI nod to become a third-party UPI app

The National Payments Corporation of India (NPCI) has granted approval to Paytm to continue offering Unified Payments Interface (UPI) services as a Third-Party Application Provider (TPAP) under a new multi-bank model. Paytm will partner with four banks - Axis Bank, HDFC Bank, State Bank of India, and Yes Bank - to provide payment services through UPI. Yes Bank will also act as the merchant acquiring bank for Paytm's UPI merchants. Paytm has been instructed to complete the migration of existing handles and mandates to the new banks at the earliest.

RBI directs NPCI to certify 4-5 banks for Paytm UPI migration

Inshorts · 1y ago

RBI directs NPCI to certify 4-5 banks for Paytm UPI migration

The RBI has advised National Payments Corporation of India (NPCI) to consider the request of Paytm parent One97 Communication to become a Third-Party Application Provider for UPI transactions. For the seamless migration of the '@paytm' handle to other banks, NPCI may facilitate the certification of 4-5 banks as Payment Service Provider banks to process high-volume UPI transactions.

RBI asks NPCI to review Paytm’s application for third party application provider

Livemint

Livemint · 1y ago

RBI asks NPCI to review Paytm’s application for third party application provider

The Reserve Bank of India (RBI) has implemented additional measures to ensure uninterrupted digital payments for users of the @paytm handle operated by Paytm Payments Bank. The RBI has instructed the National Payments Corporation of India (NPCI) to review One97 Communication's (OCL) request to become a third party application provider (TPAP) for the UPI channel on the Paytm app. This is to ensure that existing users are migrated smoothly to new handles and to avoid disruptions in services. The RBI has also directed NPCI to certify several banks capable of handling high volume UPI transactions to partner with Paytm and mitigate concentration risk.

Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod

Inc42 · 1y ago

Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod

Paytm, a leading fintech company in India, has received approval from the National Payment Corporation of India (NPCI) to migrate its UPI users to new payment system provider (PSP) bank handles. This comes after the NPCI approved Paytm as a third-party application provider on the multi-bank model. Paytm has expedited its integration with Axis Bank, HDFC Bank, SBI, and YES Bank, and has started transitioning its users to these PSP banks to ensure smooth UPI payments.

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Inc42 · 1y ago

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Paytm's parent company, One97 Communications Ltd, has been granted approval by the National Payments Corporation of India (NPCI) to participate in UPI services as a Third-Party Application Provider. This allows Paytm to operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The approval comes as a relief for Paytm, as the company has seen a significant drop in shares and investments following regulatory actions on Paytm Payments Bank Ltd.

Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15

Inc42 · 1y ago

Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15

Paytm is expected to receive the third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) by March 15. The TPAP license would allow Paytm to continue offering Unified Payments Interface (UPI) services to its app users. The approval is expected before the Reserve Bank of India's restrictions on Paytm Payments Bank take effect on the same date. Paytm applied for the TPAP license in partnership with Axis Bank and Yes Bank. Shares of Paytm have dropped over 50% following the RBI's action on Paytm Payments Bank.

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Livemint

Livemint · 1y ago

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Paytm has received a third-party application provider license from the National Payments Corporation of India (NPCI), allowing its customers another option to use the app for payments after its banking arm Paytm Payments Bank shuts down by March 15. The license will enable four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) to act as Payment System Provider banks for One97 Communications. In February, the RBI asked the NPCI to consider Paytm's request for becoming a third-party application provider.

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

Inc42 · 1y ago

Paytm Gets NPCI Nod To Become A Third-Party Application Provider

One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.

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