Key Points
Shares of One97 Communications on Friday jumped 5% to Rs 370.90 on BSE after the National Payments Corporation of India (NPCI) granted approval to Paytm to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model...
Axis, HDFC, SBI and YES Bank will be the payment service provider banks and YES Bank will be acting as the merchant acquiring bank for both existing and new UPI merchants...
The TPAP approval removes the last remaining regulatory challenge for ensuring a smooth transition of customers and merchants, Jefferies said.. "Given it may lose access to banking license, Paytm's business model will now become similar to pure payment service providers like PhonePe, Google Pay, Pine Labs, etc..
It is likely to push for deeper engagement with banks and regulated entities," the brokerage said, adding that in case of no incremental regulatory clampdown, there could be multiple scenarios for the business depending on user/merchant retention...
We remain watchful for clarity on attrition numbers and the path to normalization for lending business," it said.. Morgan Stanley said it continues to await an update on potential impact to Paytm's businesses during February and updated commercials for Paytm as Paytm Payment Bank's business moves to other banks...
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