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Paytm gets nod to continue UPI via State Bank of I

Paytm gets nod to continue UPI via State Bank of India, three others Four banks-- Axis Bank, HDFC Bank, State Bank of India, YES Bank will act as Payment Service Providers (PSPs) to Paytm The National Payments Corporation of India (NPCI) on Thursday allowed One97 Communications (OCL), which operates brand Paytm, to function as a third party application provider (TPAP) on Unified Payments Interface (UPI).  Four banks — State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank  — will act as payment service providers (PSPs) to Paytm. The approval comes a day before the Reserve Bank of India’s (RBI's) restrictions on Paytm Payments Bank kick in. The decision implies that Paytm’s users can continue to transact using UPI on the app.   Paytm will operate as a TPAP under a multi-bank model, NPCI said. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner,” the NPCI said in a press release. ©SHIRSENDU KARMAKAR #Paytm #UPI
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