Do you have a @Paytm UPI handle? 4 things you should know to migrate your UPI handle
Reserve Bank of India (RBI) has urged the National Payments Corporation of India (NPCI) to evaluate One97 Communication Ltd's (OCL) request to become a Third-Party Application Provider (TPAP) for the UPI channel so that the Paytm app can continue to operate.
"@paytm" handles can be easily moved from Paytm Payments Bank to a few newly designated banks when the OCL gets clearance from NPCI.
Also read: Can you use Paytm FASTag after March 15?
According to the RBI press release dated February 23, 2024, " As the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to (i) ensure seamless digital payments by UPI customers using '@paytm' handle operated by the Paytm Payments Bank, and (ii) minimise concentration risk in the UPI system by having multiple payment app providers. "
The RBI suggested the below additional steps:
Third-Party Application Provider (TPAP)
National Payments Corporation of India (NPCI) has been advised by the RBI to examine the request of One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms.
Also read: Can you get cashback or refunds in Paytm wallet after March 15, 2024?
Migration from Paytm Payments Bank to a set of newly identified banks
It has been further advised that in the event of NPCI granting TPAP status to OCL, it may be stipulated that '@paytm' handles are to be migrated in a
