NPCI Approves Paytm’s Epic Leap, Revolutionizing Digital Payments!

One 97 Communications Limited (OCL), the parent company of the widely used Paytm, has received approval from the National Payments Corporation of India (NPCI) to begin the process of moving user accounts to new Payment System Provider (PSP) bank accounts. This is a significant advancement for India’s digital payment space.

The clearance, a historic event, came about after NPCI’s official endorsement on March 14, 2024, an auspicious date that marked OCL’s official endorsement to operate as a Third-Party Application Provider (TPAP) in accordance with the Multi Payment Service Provider API Model. From now on, Paytm has skillfully integrated with four of the biggest banks in India: Axis Bank, HDFC Bank, the State Bank of India (SBI), and the vibrant YES Bank.

Paytm is resolutely committed to coordinating a smooth transition process for user accounts moving toward major PSP banking strongholds, with the TPAP framework now completely operationalized throughout the range of these four banking behemoths. Starting with the migration path of customers who carry the ‘@paytm’ moniker, Paytm works hard to guarantee a seamless user experience when it comes to UPI payments.

A spokesman for Paytm’s culture elaborates on the company’s unwavering commitment to strengthening and expanding the UPI ecosystem throughout all of India in collaboration with the NPCI. Using the strong foundation that its prestigious banking partners have established, Paytm guarantees a continuous flow of unhindered and unbreakable UPI transactions for both the discriminating end-user community and the entrepreneurial merchant community.all expertly coordinated by means of its state-of-the-art application interface.