Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15
Paytm is racing against time to migrate its banking services from Paytm Payments Bank to other lenders. The National Payments Corporation of India, which runs the Unified Payments Interface (UPI) railroad, is working to certify Paytm’s application to become a third-party payment app, said two senior bankers in the know.
Four banks – Yes Bank, Axis Bank, HDFC Bank and State Bank of India – will support Paytm’s consumer-facing UPI payments, one of the bankers said.
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Paytm is run by listed firm One 97 Communications (OCL), which owns a 49% stake in Paytm Payments Bank (PPBL) and refers to it as an associate company.
“They will be issued fresh handles from the back-end and eventually customers will be migrated to each of the four banks in such a way that there is no extra pressure on any one entity,” one of the bankers said.
Also read | RBI's Paytm FAQs: What happens to your EMIs, electricity bills?
While the Reserve Bank of India had asked Paytm Payments Bank to stop offering basic banking services after February 29, it eventually extended the deadline to March 15.
“We are actively engaging with NPCI on
