Paytm UPI: After the restrictions imposed by RBI, Paytm Payments Bank will not be able to accept funds into its customers’ accounts and wallets. The deadline for this was March 15 of this year. Following RBI’s action, specific additional procedures are now essential to guarantee smooth digital payments using @paytm through UPI. Later, the National Payments Corporation of India (NPCI) allowed One 97 Communications (OCL) to transfer UPI linked to Paytm Payment Bank to other banks.
This implies that Paytm can now provide UPI services via partner banks.
After authorization, one97 communication expedited integration with HDFC Bank, Axis Bank, YES Bank, and SBI, and incorporated OCL as a Third Party Application Provider (TPAP) in the Multi Payment Service Provider API model. All four banks are operational on the TPAP, which streamlines the process for Paytm to transfer user accounts to these PSP banks.
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New UPI identifiers for Paytm
– HDFC Bank UPI Identifier- “@pthdfc”
– SBI UPI Identifier- “@ptsbi”
– Axis Bank UPI Identifier- “@ptaxis”
– Yes, Bank UPI Identifier- “@ptyes”
According to Paytm’s website, YES Bank is also acting as a merchant acquiring bank for our new and existing UPI merchants, and the handle “@Paytm” will be redirected to YES Bank. This will enable Paytm’s existing users and merchants to continue performing UPI transactions and auto-payment mandates seamlessly and uninterrupted.
How to switch to a new UPI identifier in the Paytm app
Paytm has begun transferring users with the UPI identifier ‘@paytm’ to third-party banks to ensure hassle-free UPI payments. According to one97 communication, all four banks are operational on the TPAP and some Paytm UPI users are already getting “important UPI alerts” flashing on their app, encouraging them to start switching to the UPI IDs of one of the four banks.
How to change the UPI handle
– Go to the Paytm app.
– Now enter your mobile number, and if the mobile phone has dual SIM, then also select the SIM slot.
– Next, you will receive a verification message. Verify using the code
– Now pick the bank from the bank list. Make sure your mobile number is the same one that is connected to your bank. If the mobile number is not the same, you will have to provide the bank details again.
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– Now develop a new UPI PIN, and to generate it, you will have to provide your debit card information.
– Now if the UPI PIN is generated successfully, then you can easily make UPI payments using the new UPI handle.
