Paytm Accelerates User Migration to PSP Banks with NPCI Approval; Axis, HDFC, SBI, and YES banks Now Operational on TPAP

byPreeti VermaLast Updated: April 19, 2024

We have received go ahead from the National Payment Corporation of India (NPCI) on April 16, 2024, to start the user migration to new Payment System Provider (PSP) bank handles immediately.

Following NPCI’s approval on March 14, 2024, to onboard our parent company as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, we have 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 us to shift user accounts to these PSP banks.

We have started transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments. 

“We are committed to grow the UPI ecosystem in partnership with NPCI to every nook and corner of India.”

Paytm spokesperson said 

Leveraging the robust infrastructure of our banking partners, we ensure uninterrupted and secure UPI payments for both users and merchants through our app.

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