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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.

Related News

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.

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.

NPCI to approve Paytm request for third-party application license this week

Economic Times

Economic Times · 1y ago

NPCI to approve Paytm request for third-party application license this week

The National Payments Corp of India (NPCI) is expected to grant Paytm a third-party application provider license by March 15, allowing customers to continue using the app for payments after the banking unit shuts down. The central bank is unlikely to extend the deadline for Paytm Payments Bank to wind down its operations. The license will enable Paytm to continue offering payments via India's unified payment interface.

With Paytm Bank set to wind down, uncertainty clouds One97’s future

Thehindubusinessline

Thehindubusinessline · 1y ago

With Paytm Bank set to wind down, uncertainty clouds One97’s future

Paytm Payments Bank (PPBL) faces a deadline of March 15 to wind down its operations, which could have significant implications for parent company One97 Communications (OCL). PPBL is the only profitable entity within OCL's associates and JVs and plays a critical role in the company's overall payments business. However, OCL insists that it will be business as usual after March 15. Paytm has obtained a third-party application provider (TPAP) license from NPCI to continue its UPI-based operations, but the potential shutdown of PPBL may still impact OCL's business and financials.

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.

SBI partners with Sharma's Paytm for its UPI business: Report

IndianStartupNews

IndianStartupNews · 1y ago

SBI partners with Sharma's Paytm for its UPI business: Report

Paytm Payments Bank Limited (PPBL) has been given a March 15 deadline by the Reserve Bank of India (RBI) to cease operations. In response, Paytm's parent company, One97 Communications, is seeking partnerships with major banks, including State Bank of India (SBI), to continue its Unified Payments Interface (UPI) business. Paytm has shifted its nodal accounts to Axis Bank to settle UPI payments and is awaiting a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) to continue offering UPI services. Despite the challenges, Paytm remains a key player in India's digital payment landscape.

RBI Directs NPCI To Examine Paytm’s Request For Becoming A Third-Party App Provider For UPI

Inc42 · 1y ago

RBI Directs NPCI To Examine Paytm’s Request For Becoming A Third-Party App Provider For UPI

The Reserve Bank of India (RBI) has advised the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider for UPI payments. The RBI directive aims to ensure seamless digital payments and minimize concentration risk in the UPI system. This comes as the deadline approaches for Paytm Payments Bank to implement business restrictions imposed by the RBI, with a deadline set for March 15. NPCI will now evaluate Paytm's request for a TPAP license and make a decision accordingly.

NPCI allows Paytm to become third-party application on UPI with four banks

Economic Times

Economic Times · 1y ago

NPCI allows Paytm to become third-party application on UPI with four banks

Paytm parent company One97 Communications has been granted approval by the National Payments Corporation of India (NPCI) to operate as a third-party application provider on the Unified Payments Interface (UPI) infrastructure. This allows Paytm to offer UPI services to its users through a multi-bank model, moving away from its exclusive partnership with Paytm Payments Bank. Four major banks, including Axis Bank and HDFC Bank, will act as payment system providers to Paytm. This move comes as Paytm Payments Bank was barred from accepting new deposits and providing banking services from March 2024.

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.

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.

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