The National Payments Corporation of India (NPCI) on Thursday gave a green signal or nod to One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
According to the official statement, in total four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to One97 Communications Limited. Furthermore, YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL. The widely used and existing “@Paytm” handle shall be redirected to YES Bank, according to the official release from NPCI. The transfer will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner, NPCI stated on Thursday.
Paytm or One97 Communications Limited has been advised by the NPCI to complete migration for all existing handles and mandates, wherever
required, to new PSP banks at the earliest possible.
