Key Points
The National Payments Corporation of India (NPCI) on Thursday granted Paytm parent One 97 Communications (OCL) the necessary approval to operate as a third-party application provider (TPAP) on Unified Payments Interface (UPI) infrastructure...
Similar to peers PhonePe and Google Pay, Paytm will now offer UPI to its user base through a multi-bank model, moving away from its exclusive partnership with associate entity Paytm Payments Bank Ltd (PPBL) for the service...
Four major banks - Axis, HDFC, State Bank of India, and Yes Bank - shall act as payment system providers to OCL, NPCI said in a statement...
On February 17, Paytm also shifted its nodal accounts or escrow accounts to private-sector lender Axis Bank, to ensure merchant payments on the platform remain unaffected...
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