Paytm on Thursday was granted a third-party application provider license by the National Payments Corporation of India (NPCI), just a day before the deadline for Paytm Payments Bank to cease its operations. The license offers Paytm’s customers a means to continue using its app for payments following the shutdown of Paytm Payments Bank on March 15.
What does this mean for you?
Behind the scenes change: Paytm will now partner with other banks (like Axis, HDFC, SBI, YES Bank) to process your UPI transactions instead of their own bank
For most users, it’s seamless: You shouldn’t notice a big difference. Keep using the Paytm app for UPI payments like usual
Possible migration in future: Paytm might need to move your existing UPI ID (yourname@paytm) to a new bank account in the future
Overall, this license ensures you can continue using Paytm for UPI payments
First Published: Mar 15 2024 | 9:51 AM IST