One 97 Communications Limited (OCL), the parent entity of fintech major paytm
, has begun migrating its UPI users to new payment system provider (PSP) bank handles after getting the nod from the National Payment Corporation of India (NPCI).
In an exchange filing on Wednesday (April 17), Paytm said the NPCI gave its nod to migrate the users on Tuesday.
Following NPCI’s approval on March 14 to onboard OCL as a third-party application provider (TPAP) on the multi-bank model, Paytm said it expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.
“All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks,” the company said.
Paytm has started transitioning ‘@paytm’ handle users to these banks to ensure seamless UPI payments.
