🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

Paytm receives approval from NPCI to onboard new UPI users

Economic Times

Economic Times · 9m ago

Paytm receives approval from NPCI to onboard new UPI users

Paytm's parent company, One 97 Communications, has received approval from the National Payments Corporation of India (NPCI) to onboard new users onto its UPI platform. However, this approval is subject to Paytm adhering to all NPCI guidelines and circulars regarding risk management, brand guidelines, multi-bank regulations, TPAP market share, and customer data. The approval signifies a positive step forward for Paytm in expanding its user base and offering digital payment services.

Related News

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.

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 Gains 3% In Early Trade After Starting Customer Migration To PSP Banks

Inc42 · 1y ago

Paytm Gains 3% In Early Trade After Starting Customer Migration To PSP Banks

Shares of One 97 Communications Ltd, the parent company of Paytm, rose over 3% to reach INR 404.55 on Thursday. This surge followed the news that the company received approval from the National Payment Corporation of India (NPCI) to migrate users to a new Payment System Provider (PSP) bank. However, the shares later declined, reaching INR 392.65 at 12:40 pm. Paytm has begun transferring its UPI users to new PSP banks such as Axis Bank, HDFC Bank, SBI, and YES Bank in order to ensure uninterrupted and secure UPI payments.

Paytm begins user migration to new UPI IDs; here is how it will affect you

Livemint

Livemint · 1y ago

Paytm begins user migration to new UPI IDs; here is how it will affect you

Paytm is migrating its customers to partner payment service provider banks following the Paytm Payments Bank crisis. The National Payment Corporation of India (NPCI) has given approval for this migration process. Paytm users will be transferred to partner banks including Axis Bank, HDFC Bank, SBI, and Yes Bank. Under this migration process, users' UPI IDs will change to new IDs associated with these partner banks. The Reserve Bank of India had asked Paytm Payments Bank to stop accepting deposits or top-ups, leading to this migration.

Paytm's 'Opt-Out' UPI Migration Raise Privacy Concerns

Inc42 · 1y ago

Paytm's 'Opt-Out' UPI Migration Raise Privacy Concerns

Paytm's plan to transfer UPI IDs from Paytm Payments Bank to four new banks is facing criticism from users due to privacy concerns. Users expressed disappointment with the opt-out SMS sent by Paytm, arguing that they should have been given the option to opt-in instead. Many are questioning whether Paytm violated regulations set by RBI and NPCI in the process.

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 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.

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.

UPI achieves 10% month-on-month growth in October

Entrackr

Entrackr · 8m ago

UPI achieves 10% month-on-month growth in October

Unified Payments Interface (UPI) witnessed decent growth in transaction volume and value from September to October 2024. In October, the digital payment platform recorded 16.58 billion transactions, a 10% increase from September’s 15.04 billion, according to data published by the National Payments Corporation of India (NPCI). The transaction value surged 14% to Rs 23.50 lakh crore in October from Rs 20.64 lakh crore in September. This growth was fueled by a 45% year-over-year rise in transaction count and a 37% rise in transaction value. Moreover, average daily transaction volume increased from 501 million in September to 535 million in October, with the daily transaction amount reaching Rs 75,801 crore, a noticeable increase from Rs 68,800 crore the previous month. In September, PhonePe maintained its leading position in India’s UPI market with a 48% share of transaction volume. Google Pay came in second with 37.4%, followed by Paytm in third place with 7%. The market share data for October has yet to be released. Recently, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited, Paytm's parent company, to onboard new users onto its UPI platform. The new authorization is expected to help the Noida-based company expand its user base and enhance its market share in the competitive UPI sector. In recent weeks, NPCI has implemented significant changes to UPI transaction limits. The upper cap for certain types of UPI payments has been raised to Rs 5 lakh, while the limits for UPI Lite Wallet and UPI 123Pay have also been increased. These adjustments are intended to encourage greater digital transaction adoption, supporting the Indian government’s ambitious goal of achieving 1 billion transactions per day by 2026-27.

Paytm crisis brings 30% market share cap plan back in focus

Economic Times

Economic Times · 1y ago

Paytm crisis brings 30% market share cap plan back in focus

The recent action taken by the banking regulator against Paytm Payments Bank has brought the proposal for a market share cap for UPI apps back into focus. Currently, PhonePe and Google Pay dominate the UPI market, but the troubles faced by Paytm could benefit these two players even more. The National Payments Corporation of India (NPCI) is expected to seek RBI's approval before allowing any migration of merchants or banking partners from Paytm to other UPI apps. This situation may further consolidate the market share of the top two players.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Download the medial app to read full posts, comements and news.