Friday , June 14 2024

New payment system: SBI, Axis, HDFC and Yes Bank users will again be able to make UPI payments through Paytm

Paytm new Payment System: Paytm's parent company One 97 Communications Limited (OCL) has started connecting its customers with the new Payment System Provider (PSP) after getting permission from NPCL. The company gave this information to the stock exchange on Wednesday. The company's partner banks include Axis Bank, HDFC Bank, State Bank of India (SBI) and Yes Bank.

Giving information to the stock market, Paytm said that on March 14, 2024, it had received the license of Third-Party Application Provider (TPAP) and Multi Payment Service Provider (MPSP) from NPCI. With this license they are transferring their users to PartnerBanco. This has made the process of transferring the accounts of Paytm users to these banks easier.

Partnership with four banks

Paytm users earlier used to get '@paytm' handle for UPI account. Now users will have to choose between four new UPI handles – @ptsbi, @pthdfc, @ptaxis and @ptyes. For this, the company is also giving information to its users by sending notifications. So that users can migrate easily without any hassle.

A statement issued by Paytm said that through our partnership with NPCI, we are committed to developing the UPI ecosystem in every corner of India. Along with this, the company also says that it will provide seamless UPI payment facility to customers and merchants by taking advantage of the strong infrastructure of its banking partners.