One97 Communications Limited (OCL) was given permission by the National Payments Corporation of India (NPCI) on Thursday to take part in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
In addition, One97 Communications Limited will have four banks serving as its Payment System Providers (PSPs): Axis Bank, HDFC Bank, SBI, and YES Bank. This information was provided by the NPCI.
Additionally, according to the NPCI, YES Bank will serve as the merchant acquisition bank for both new and current UPI merchants for OCL. Also, YES Bank will be the destination of the “@Paytm” handle.
The move, according to the payments watchdog, will enable current Paytm users and merchants to carry out UPI transactions and AutoPay mandates in an easy and uninterrupted way.
Additionally, OCL has been asked by NPCI to finish migrating all current mandates and handles to new PSP banks as soon as possible.
“NPCI grants approval to One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model,” the NPCI stated in an announcement on X, the former name of Twitter.
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