Paytm is migrating users to new UPI IDs; be aware of what this means for you

One 97 Communications Limited (OCL), the parent company of Paytm, started moving its consumers to new payment service provider banks (PSBs) following the Paytm Payments Bank problem. According

Advertisement

One 97 Communications Limited (OCL), the parent company of Paytm, started moving its consumers to new payment service provider banks (PSBs) following the Paytm Payments Bank problem. According to a press statement issued by the company on Wednesday, the migration process commenced subsequent to the company’s approval from the National Payment Corporation of India (NPCI).

“Following NPCI’s approval on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has 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 mentioned in their stock exchange filing issued on Wednesday.

Payment service provider (PSP) banks, including as Axis Bank, HDFC Bank, SBI, and Yes Bank, would receive Paytm users under the new procedure.

Had it changed the dynamics for Paytm users?

A Paytm user’s current UPI ID, which ends in “@paytm,” will change to one of the following four IDs: @ptsbi, @pthdfc, @ptaxis, or @ptyes once they have been transferred to another partner payment service provider (PSP) bank.

Advertisement