Paytm may switch to third-party app mode to keep UPI
payment application Paytm, is focussing on the third-party payment app (TPAP) route to ensure that the Unified Payments Interface (UPI) remains open for its users, people aware of the matter told ET.
Discussions on this have started with the National Payments Corporation of India (NPCI), one of the persons said. NPCI runs the UPI ecosystem in the county.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitCurrently, those using Paytm to make UPI payments have virtual payment addresses (VPAs) ending in @paytm.
After March 1, customers might find this changing to some other bank’s handle.
Paytm aims to use three or more banks to start issuing new VPAs to its customers from next month, said the people cited above. HDFC Bank, Axis Bank and Yes Bank are in contention for the consumer-facing UPI payments business of Paytm, just like they are looking to support the nodal accounts of its merchants.
The Reserve Bank of India ordered Paytm Payments Bank on January 31 to stop all basic payment services through various platforms and technology railroads, including UPI, from February 29.
For merchant payments, the process might be slightly more complicated — the banks may insist on fresh know-your-customer (KYC) verification. But for consumers using Paytm for UPI, the service can
