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Paytm Signs Deal To Move Merchant Accounts To Yes Bank, NPCI Nod For TPAP Licence On The Anvil
Inc42 · 1y ago
Medial
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 completes merchant migration to new UPI ids
Livemint · 1y ago
Medial
Paytm has completed the migration of its merchant customers to new Payment System Provider (PSP) banks, according to founder Vijay Shekhar Sharma. The migration comes after Paytm received approval from the National Payment Corporation of India (NPCI) to commence the process. Under the new system, Paytm customers will be transferred to PSP banks like Axis Bank, HDFC Bank, SBI, and Yes Bank. Paytm had previously used Paytm Payments Bank Ltd (PPBL) as the PSP bank, but it was ordered to shut down basic banking services by the Reserve Bank of India.
Armed with merchant focused super apps, banks look to reclaim the QR code-based payments market
Economic Times · 1y ago
Medial
Banks such as HDFC Bank, Axis Bank, and Yes Bank are recognizing the potential in small business payments and developing merchant-focused applications like Smarthub Vyapar, Axis Neo, and Yes Biz. These apps aim to provide various digital payment options for merchants to compete with popular UPI-based platforms like PhonePe, Paytm, Google Pay, and BharatPe. The banks also have plans to enhance the capabilities of these applications in the future.
Paytm shifts nodal account to Axis Bank, Soundbox to continue to work
Livemint · 1y ago
Medial
Paytm has transferred its nodal account to Axis Bank as an escrow account, as announced by One97 Communications. This move comes after the Reserve Bank of India extended the deadline for Paytm Payments Bank until March 15. Paytm reassures its merchant partners that its QR code, Soundbox, and card machine will continue to operate seamlessly. The shift to Axis Bank aims to ensure uninterrupted merchant settlements and maintain compliance with regulatory guidelines. Paytm currently has over 300 million users and 10 million actively engaged merchants.
Paytm Founder Sharma Acknowledges Crucial Role Of Regulatory Engagement
OutlookIndia · 1y ago
Medial
One97 Communications CEO, Vijay Shekhar Sharma, spoke at an event in Japan about the importance of regulatory engagement and the company's vision to become a leader in Asia. Acknowledging the recent Paytm Payments Bank issue, Sharma emphasized the significance of clarity and perseverance in achieving the company's mission. He announced a strategic collaboration with Axis Bank to facilitate secure merchant settlements and reaffirmed Paytm's commitment to being a significant player in the digital payment ecosystem. Sharma expressed his ambition to establish Paytm as a leader in Asia's financial landscape. The company is actively forging partnerships with leading banks to enhance customer experiences and expand payment solutions.
Paytm Founder Sharma Acknowledges Crucial Role Of Regulatory Engagement
OutlookIndia · 1y ago Medial
Fintech company One97 Communications founder and CEO, Vijay Shekhar Sharma, spoke about the importance of regulatory engagement and his vision to establish the company as a leader in Asia. Sharma emphasized the need for clarity and perseverance amidst ambiguity, and expressed his commitment to maintaining a significant role in the digital payment ecosystem. One97 Communications, which owns the Paytm brand, recently announced a strategic collaboration with Axis Bank to facilitate seamless merchant settlements. Sharma aims to make Paytm a leader in Asia's financial landscape. The company is actively engaging with banks to enhance customer experiences and expand its payment solutions.
Paytm gets NPCI nod to become a third-party UPI app
Money Control · 1y ago
Medial
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 Paytments Bank moves bill pay business to Euronet India
Economic Times · 1y ago
Medial
Indian digital payment firm Paytm Payments Bank (PPBL) has migrated its bill payment business to Euronet Services India. This move follows the migration of PPBL's retail point of sales business and settlement business for merchant payments to RBL Bank and Axis Bank, respectively. Euronet, an American payment technology company, will now handle the backend settlement systems for PPBL's bill payments. The partnership has already resulted in a significant increase in bill payment settlements for Euronet, while bill payments on PPBL have declined. These challenges have also impacted Paytm, with several senior executives resigning in recent months.
RBI allows Paytm to migrate UPI payment business to other banks
Economic Times · 1y ago
Medial
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 shares jump 5%. How good is the TPAP news for shareholders?
Economic Times · 1y ago
Medial
Shares of One97 Communications, the parent company of Paytm, rose by 5% after receiving approval from the National Payments Corporation of India (NPCI) to participate in the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP). Axis, HDFC, SBI, and YES Bank will be the payment service provider banks, with YES Bank also acting as the merchant acquiring bank. This approval paves the way for Paytm to operate as a payment service provider and deepen its engagement with banks. The approval also removes regulatory challenges and allows for a smooth transition of customers and merchants.
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