After the Paytm Payments Bank crisis, Paytm’s parent firm, One 97 Communications Limited (OCL) has begun the the migration of its customers to new payment service provider banks (PSBs). The migration process was initiated after the company received a green signal from the National Payment Corporation of India (NPCI), the company said in a press release on Wednesday.
Under the new process, Paytm customers will be transferred to partner payment service provider (PSP) banks including Axis Bank, HDFC Bank, SBI and Yes Bank.
“Following NPCI’s approval on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks,” the company said in its stock exchange filing on Wednesday.
What has changed for Paytm users?
Once a Paytm user has been migrated to another partner payment service provider (PSP) bank then the present UPI ID with ‘@paytm’ of these users will change to a new UPI ID with any of the four id: @ptsbi, @pthdfc, @ptaxis and @ptyes.
RBI’s action on Paytm Payments Bank
Paytm has initiated migration on third-party application provider (TPAP) after the Reserve Bank of India (RBI) asked the Paytm Payments Bank Limited (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after March 15. The direction came after the central bank found irregularities and non-compliance in payments.
Paytm has tied up with certain banks to continue its function after the deadline. To continue its services, Paytm tied up with Axis Bank, Yes Bank, SBI and HDFC Bank as its payment service provider (PSP) banks to be its partners in the TPAP.
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