According to a report from the Economic Times, Paytm’s parent company, One97 Communications Limited, is negotiating with the National Payments Corporation of India (NPCI) to operate as a third-party app (TPAP) for the Unified Payments Interface (UPI) system.
This move comes after Paytm Payments Bank Limited (PPBL) was restricted by the Reserve Bank of India (RBI) from accepting customer deposits after February 29.
As a result, Paytm plans to partner with three or more banks to issue new virtual payment addresses (VPAs) to its customers.
Currently, Paytm’s UPI payments use VPAs ending in ‘@paytm’, but after March 1, these VPAs may be changed to a different bank’s handle.
Paytm is not the first TPAP to operate on UPI, as there are already 22 others, including Amazon Pay, Google Pay, and PhonePe, in addition to several banks that support multiple fintechs.
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