Paytm’s Parent company One97 Communications likely to partner with top Indian banks such as State Bank of India (SBI), HDFC Bank, Axis Bank, and YES Bank to facilitate the UPI- Unified Payments Interface transactions ahead of winning the TPAP - Third-party app provider license.

As the deadline of RBI (Reserve Bank of India) for Paytm looms, the significant move of the company to collaborate with major banks for its UPI payments garners the attention among business leaders. According to the report of The Economic Times, the consecutive four banks which are Yes Bank, Axis Bank, HDFC Bank and State Bank of India will hold up the consumer-facing UPI payments of the Paytm.

This change over of the Paytm’s parent company is projected to be generating seamless transactions at Paytm and handle the RBI-imposed restrictions to retain back.

As per the report, one of those bankers subjected to this matter says “They will be issued fresh handles from the back-end and eventually customers will be migrated to each of the four banks in such a way that there is no extra pressure on any one entity."

The partnership strategy of Paytm’s Parent company One97 Communications with major banks would help the users & merchants who are using digital payments via Paytm to keep on using even after the deadline.