Paytm Gets NPCI approval to start User Migration for other new Banks

By Team Startupcity  |  Thursday, 18 April 2024, 08:52 IST

Paytm Gets NPCI approval to start User Migration for other new Banks
One 97 Communications ltd (OCL) which leads the brand Paytm, India’s driving instalments and financial administrations organization and the trailblazer of QR, soundbox and portable instalments got approval from the NPCI – National payment corporation of India to begin the user migration to new payment system provider – PSP bank handles right away. 
Following NPCI’s endorsement to installed OCL as an Third Party Application provider - TPAP on the Multi payment Specialist organization Programming interface Model, Paytm has facilitated the coordination with Hub Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. Each of the four banks are presently functional on the TPAP, smoothing out the interaction for Paytm to move client records to these PSP banks. 
Harnessing the steadfast infrastructure of its financial banking partners, the prominent fintech player Paytm makes sure the undisturbed & secured UPI payments for merchants as well as users via its digital application.
The organization has started transitioning at Paytm’ handles users to these respective banks, making sure seamless UPI payments. 
Speaking to this, the official spokesperson of Paytm says, ““We are committed to grow the UPI ecosystem in partnership with NPCI to every nook & corner of India. Leveraging the robust infrastructure of its banking partners, Paytm ensures uninterrupted and secure UPI payments for both users and merchants through the Paytm app”.

CURRENT ISSUE

BEST STARTUPS TO WORK FOR

siliconindia