May 28, 2024 09:19 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bibhav Kumar's bail, if granted, will be a death threat for me and my family: Swati Maliwal to Delhi HC | Now we don't trust Gujarat govt: High Court raps State and local body over Rajkot gaming zone fire incident | Delhi CM Arvind Kejriwal requests Supreme Court to extend his interim relief by 7 days in liquor policy case | Cyclone Remal leaves trail of destruction in West Bengal, claims 2 lives, downpour continues | 'Man-made disaster': Gujarat High Court takes suo motu cognizance of Rajkot gaming zone fire that killed 27 people
Paytm gets third-party app license from NPCI

Paytm gets third-party app license from NPCI

| @indiablooms | 14 Mar 2024, 09:37 pm

New Delhi: Paytm, officially known as One 97 Communications, was granted a third-party application provider license by the Nation's Payments Authority of India (NPCI), media reports said.

The NPCI license granted today enables Paytm to facilitate payments once its banking unit stops operations, Reuters reported.

Following regulatory measures due to non-compliance with certain standards, Paytm Payments Bank is set to cease operations by March 15.

With this license, customers can continue using the Paytm app for payments via India's widely-used unified payment interface (UPI).

According to a statement by the National Payments Corporation of India (NPCI), Axis Bank, HDFC Bank, State Bank of India, and Yes Bank will serve as payment system provider banks for Paytm.

Yes Bank will also act as a merchant acquiring bank for both existing and new UPI merchants associated with Paytm, it further stated.

Paytm has been instructed to swiftly complete the migration of all existing handles and mandates, where necessary, to new payment system provider banks, as per NPCI directives.

UPI, India's real-time payments system, facilitates seamless money transfers across various banks.

According to data available on the NPCI website, Paytm, the third-largest UPI payments app in the country, recorded 1.41 billion monthly transactions valued at 1.65 trillion rupees in February. This marked a decline from 1.57 billion transactions worth 1.93 trillion in January.

PhonePe and Google Pay hold the top positions as the two largest UPI payment apps in India.

Last month, the Reserve Bank of India (RBI) instructed NPCI to review Paytm's request to become a third-party application provider.

Earlier this week, Reuters reported that NPCI was likely to approve Paytm's request for a third-party application provider (TPAP) license.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.