India : One97 Communications Limited (OCL), the parent company of Paytm, India’s premier payments and financial services provider renowned for its QR and mobile payment solutions, has revealed its collaboration with Axis Bank. This partnership, with Axis Bank being one of India’s foremost private sector banks equipped with advanced digital features, aims to maintain rapid and secure merchant settlements. This initiative is set to seamlessly transition from the nodal account previously utilized by OCL through Paytm Payments Bank.

  • Since its establishment, Paytm Payment Services Ltd (PPSL), a wholly owned subsidiary of OCL, has been utilizing Axis Bank’s services.
  • Both OCL and PPSL are currently engaging in discussions with other banks to assess potential second partners for nodal/escrow services.
  • Consumer payments for merchant transactions are usually gathered in a specialized account. This setup allows Paytm to smoothly transfer its merchants’ settlements to Axis Bank, thereby streamlining business operations for the merchants.

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