Paytm Crisis Update: Paytm has got third-party app license from National Payments Corporation of India (NPCI) for digital payments. This is a relief news for Paytm users after the banking unit of Paytm was closed on the orders of the Reserve Bank. This will reduce the problems of Paytm.
This license will allow Paytm users to continue using the Paytm app for payments through UPI. It is known that due to non-compliance of some standards, Paytm’s banking unit Paytm Payments Bank Limited has been asked to stop operations from March 15.
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One97 Communications, the parent company of financial technology platform Paytm, has got five handles in partnership with four banks to continue UPI transactions. National Payments Corporation of India (NPCI) has given this information. The company’s existing handle @Paytm is one of the five handles that users can continue to use without any changes on their part.
NPCI has approved @Paytm and a closed user group UPI handle @Ptypes for Paytm in partnership with Yes Bank. NPCI has also approved @PTHDFC with HDFC Bank and @PTSBI with State Bank of India as partners. Has been approved. However, both these handles are not active at this time.
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A Paytm spokesperson said that users can continue to use the @Paytm handle seamlessly without any changes on their part. NPCI on March 14 approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC Bank to continue UPI transactions for the company’s users.
Paytm’s UPI transactions were earlier being routed through Paytm Payments Bank (PPBL), which has been barred by the Reserve Bank of India (RBI) from accepting deposits, credit transactions or top-ups to any customer account after March 15. .
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One97 Communications Limited (OCL) holds 49 per cent stake in PPBL, while the company’s founder and chief executive officer (CEO) Vijay Shekhar Sharma holds 51 per cent stake in the crisis-hit bank. (with language input)
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