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Paytm in talks with Axis, Canara, Yes and Kotak to migrate merchant accounts from payments bank

Money Control

Money Control · 1y ago

Paytm in talks with Axis, Canara, Yes and Kotak to migrate merchant accounts from payments bank

Four leading banks, including Axis Bank, Canara Bank, Yes Bank, and Kotak Mahindra Bank, are in the running to partner with Paytm to migrate merchants onto their platforms. These merchants were previously onboarded through Paytm Payments Bank Ltd. The move comes after the Reserve Bank of India imposed restrictions on Paytm Payments Bank Ltd and directed the migration of all UPI accounts to various commercial banks to avoid disruption to the digital payments platform. The partnering banks anticipate annual expenses of INR 50-70 crores to process the merchant transactions.

Related News

Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil

Inc42 · 1y ago

Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil

Fintech major Paytm's parent company, One97 Communications, has reportedly signed a deal to transfer its merchant accounts to Yes Bank following the Reserve Bank of India's crackdown on Paytm Payments Bank. Paytm has also likely applied for a third-party application provider (TPAP) license in partnership with Yes Bank and Axis Bank. The move will allow Yes Bank and Axis Bank to become payment service providers for Paytm's UPI channel. This comes after Yes Bank's CEO expressed interest in acquiring Paytm Payments Bank's merchants. Paytm's shares have been negatively affected by the RBI's restrictions.

Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner

Inc42 · 1y ago

Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner

Paytm has secured a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) and is looking to partner with HDFC Bank as a payment service provider (PSP). Axis Bank and Yes Bank have already begun operating on the Paytm platform, and discussions are underway with Canara Bank and Kotak Mahindra Bank. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank, limiting its services, but allowing businesses and UPI users to continue using Paytm's payment features.

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Inc42 · 1y ago

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Yes Bank is open to acquiring Paytm Payments Bank's merchant accounts, according to Yes Bank MD and CEO Prashant Kumar. However, this would require Yes Bank to complete Know Your Customer (KYC) verification and due diligence. Yes Bank sees this opportunity as a chance for cross-selling and long-term benefits. The Reserve Bank of India (RBI) had recently cracked down on Paytm Payments Bank but said that Paytm QR codes and card machines could still be operational after the March 15 deadline if the merchants migrate to other banks.

HDFC, Yes Bank submit application for Paytm UPI business: Report

Inshorts · 1y ago

HDFC, Yes Bank submit application for Paytm UPI business: Report

Paytm-parent One97 Communications, HDFC Bank and Yes Bank have jointly applied to be a third-party application provider (TPAP) with NPCI for UPI transactions, Moneycontrol reported. Paytm has reportedly already submitted a similar application with Axis Bank and is in talks with Canara Bank and ICICI Bank for a TPAP partnership. This comes after RBI's curbs on Paytm Payments Bank.

Troubled Paytm to onboard HDFC Bank as its third merchant acquiring partner: Report

IndianStartupNews

IndianStartupNews · 1y ago

Troubled Paytm to onboard HDFC Bank as its third merchant acquiring partner: Report

Paytm's parent company, One97 Communications Ltd, is set to partner with HDFC Bank, making it their third banking partner. This move follows regulatory restrictions imposed on Paytm Payments Bank Limited (PPBL), prohibiting certain banking services. Paytm has already partnered with Axis Bank and Yes Bank to facilitate services for merchants, and discussions are ongoing with Canara Bank and Kotak Mahindra Bank. Additionally, HDFC Bank and SBI are poised to become payment service provider banks for Paytm's UPI consumer business. Seamless migration of merchant services is crucial for the continuity of operations and maintaining India's UPI system.

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

Economic Times

Economic Times · 1y ago

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

Paytm has moved its nodal accounts or escrow accounts to private-sector lender Axis Bank in order to comply with regulatory requirements from the Reserve Bank of India. This move ensures that merchants who accept digital payments through Paytm can continue doing so. Paytm Payments Bank has been given a 15-day extension by the RBI to continue offering banking services, after which customers will only be able to withdraw funds. Paytm was reportedly in talks with HDFC Bank, Axis Bank, and Yes Bank for shifting its settlements business.

Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15

Economic Times

Economic Times · 1y ago

Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15

Paytm is working to migrate its banking services from Paytm Payments Bank to other lenders, with four banks - Yes Bank, Axis Bank, HDFC Bank, and State Bank of India - set to support Paytm's consumer-facing UPI payments. The company is seeking certification from the National Payments Corporation of India to become a third-party payment app. Following this migration, Paytm's UPI handle provided by the payment bank may change. Paytm's stock has seen a significant decline since the regulator's action on Paytm Payments Bank, with the current market capitalization standing at approximately $2.7 billion.

SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara

Economic Times

Economic Times · 1y ago

SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara

State Bank of India (SBI) is offering support to merchants following regulatory action against Paytm Payments Bank. SBI Chairman Dinesh Khara stated that the bank is reaching out to merchants and is open to a one-time migration of accounts from Paytm. SBI Payments, a company that supports various payment systems, aims to ensure there are no disruptions in the payments ecosystem. The Reserve Bank of India (RBI) recently directed Paytm Payments Bank to halt basic payment services due to violations of rules, including KYC requirements. Paytm is reportedly in talks with HDFC Bank, Axis Bank, and Yes Bank to transfer its payments and settlements load.

RBI allows Paytm to migrate UPI payment business to other banks

Economic Times

Economic Times · 1y ago

RBI allows Paytm to migrate UPI payment business to other banks

The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.

Paytm secures NPCI nod for migrating its users to other banks

Economic Times

Economic Times · 1y ago

Paytm secures NPCI nod for migrating its users to other banks

Digital payments company Paytm has successfully integrated with four banks, including State Bank of India, Yes Bank, HDFC Bank, and Axis Bank, for Unified Payments Interface-based payment services. The integration allows Paytm to migrate its users to these banks for seamless payment transactions. Previously relying heavily on Paytm Payments Bank, Paytm had to switch to other banks after the Reserve Bank of India ordered the payments bank to shut down its basic banking services. Despite the integration, Paytm's UPI payment volumes have slightly declined, with the company currently holding a 9% market share.

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