Angelnews India

Today, the National Payments Corporation of India (NPCI) has approved One97 Communications Limited (OCL) to join the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) within the multi-bank model. In this setup, Axis Bank, HDFC Bank, State Bank of India, and YES Bank will serve as Payment System Provider (PSP) banks for OCL.

Additionally, YES Bank will act as the merchant acquiring bank for both existing and new UPI merchants associated with OCL. Consequently, the “@Paytm” handle will be transitioned to YES Bank, ensuring seamless UPI transactions and AutoPay mandates for existing users and merchants. OCL has been advised to swiftly migrate all existing handles and mandates, as required, to the new PSP banks.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *