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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.
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Paytm secures NPCI nod for migrating its users to other banks
Economic Times
·
1y ago
Medial
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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Paytm Gets NPCI Nod To Become A Third-Party Application Provider
Inc42
·
1y ago
Medial
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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RBI directs NPCI to certify 4-5 banks for Paytm UPI migration
Inshorts
·
1y ago
Medial
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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Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15
Economic Times
·
1y ago
Medial
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.
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Paytm QR Codes, Soundboxes To Remain Operational Only If Merchants Migrate To Other Banks: RBI
Inc42
·
1y ago
Medial
According to the Reserve Bank of India (RBI) FAQs, Paytm QR codes, soundboxes, and card machines will still be operational after March 15, but only if merchants migrate to other banks. The RBI clarified that merchants can obtain a fresh QR code linked to an account with another bank or wallet to receive payments, and there will be no impact on merchants using Paytm QR codes and soundboxes linked to other bank accounts. Paytm founder Vijay Shekhar Sharma confirmed that Paytm's offerings will continue to work, but did not specify the requirement to migrate to other banks.
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Paytm Begins Migration Of Users To Other Handles Following NPCI’s Nod
Inc42
·
1y ago
Medial
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.
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Regulatory Curbs On Paytm Bank Puts Its Wallet Business In Slow Lane
Inc42
·
1y ago
Medial
Paytm Payments Bank's crisis began when the Reserve Bank of India (RBI) prohibited any deposits, credit transactions, or top-ups in customer accounts. As a result, the bank's mobile wallet business operations have been severely affected, leading to a significant decline in fund transfer transactions. The RBI also mandated the termination of certain banking services, such as UPI functionality and fund transfers, by February 29. Paytm Payments Bank has taken steps to address regulatory concerns, including board restructuring and partnering with other payment service provider banks. Additionally, the company recently acquired a TPAP license to compete with other digital payment platforms.
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What to do if you have a Paytm UPI handle? RBI advises this…
Livemint
·
1y ago
Medial
Customers of Paytm can breathe a sigh of relief as their unified payments interface (UPI) payments will not be affected by the recent orders from banking authorities. The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to explore migrating Paytm Payments Bank's UPI customers to 4-5 other banks to ensure smooth digital payments and minimize concentration risk. Paytm is the third largest app for UPI payments in India and the central bank has advised Paytm Payment Bank customers on the necessary steps to ensure uninterrupted services.
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RBI’s additional steps aim to protect '@paytm' users, merchants
Entrackr
·
1y ago
Medial
The Reserve Bank of India (RBI) has announced a set of additional steps, following up on its actions against the Paytm Payments Bank. These steps aim to assist customers using the ‘@paytm’ handle, operated by the Paytm Payments Bank, and to minimize what the RBI described as a “concentration risk in the UPI system by having multiple payment app providers.” It may be recalled that the Paytm Payments Bank is barred from accepting further credits into its customer accounts and wallets after March 15, 2024. In its new notification, the RBI stated that the NPCI, which operates the UPI, has been advised to consider the request of One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for the UPI channel for uninterrupted UPI operation of the Paytm app, as per the norms. If the OCL receives the TPAP status, the ‘@paytm’ handles are to be migrated from Paytm Payments Bank to a set of newly identified banks to avoid any disruption. However, no new users can be boarded by the TPAP until the migration work is completed. “For seamless migration of ‘@paytm’ handle to other banks, NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions. This is in line with NPCI norms for minimising concentration risk,” the bank said. The bank also clarified that the migration of handles is only applicable to customers and merchants who have the ‘@paytm’ UPI handle. Those who have another UPI address or handle other than ‘@paytm’, no action is required. “Similarly, the customers, whose underlying account/ wallet is currently with Paytm Payments Bank, are advised to make alternative arrangement with other banks well before March 15, 2024…” the bank added. The latest steps come days after the central bank made brief relaxations for customers affected by its business restrictions imposed on Paytm Payments Bank. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Separately, Google on Thursday announced that its SoundPod, an audio device that helps merchants track QR code payments with audio alerts when a payment is received – will be available for small merchants across India over the coming months. The SoundPod is very similar to the Paytm Soundbox and PhonePe SmartSpeaker.
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Paytm tentative timeline to restart loan sanctioning ends on February 14
Economic Times
·
1y ago
Medial
According to a tentative timeline shared by Paytm, the fintech firm aims to resolve operational challenges for its lending business and restart sanctioning new loans by February 14. The company is facing difficulties due to RBI restrictions on Paytm Payments Bank Limited (PPBL), which has led to the suspension of issuing new loans temporarily. Paytm needs to migrate repayments linked to PPBL to other banks to ensure smooth functioning. In the December quarter, Paytm distributed loans worth Rs 15,535 crore across various categories.
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