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Paytm secures NPCI nod for migrating its users to other banks
ETtech
Synopsis
The four banks which will be working with Paytm for UPI payments are State Bank of India, Yes Bank, HDFC Bank and Axis Bank.
ReutersDigital payments company Paytm, which is owned by One 97 Communications, has completed its integration with four banks for Unified Payments Interface-based payment services, the company informed the stock exchanges on Wednesday.
These four banks are State Bank of India, Yes Bank, HDFC Bank and Axis Bank. On March 14, National Payments Corporation of India, which manages UPI, had allowed Paytm to migrate into a third-party payment (TPAP) model with these four banks. Now the backend integration is complete and the customer migration can start.
The Noida-based company said it received clearance from NPCI on April 16 to start migration of its users. So, all @paytm handle users will now be migrated to these banks.
ETtechAll these four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to them, the company said in the filing.
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Paytm had earlier relied on Paytm Payments Bank, an associate entity of One 97 Communications, for the bulk of its settlement services. After the Reserve Bank of India ordered the payments bank to shut down basic banking services by March 15, Paytm had to migrate its systems to other banks to ensure continuity of payments business.
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On March 16, ET wrote that Paytm had migrated its card machines to RBL Bank for settlement services, while retaining the Paytm brand in the front end.
While the fintech company has now completed the integration with four large banks, its UPI payment volumes have been dropping. In March, Paytm processed 1.2 billion UPI payments, down slightly from 1.3 billion in February. It currently has an around 9% market share on UPI.
The stock price of Paytm has been on a downward spiral since the regulatory action on its associate entity on January 31. On Tuesday, the shares ended at Rs 391.35 on the BSE, compared with their 52-week high of Rs 998.30 on October 20. Markets were closed on Wednesday due to the Ram Navami festival.
( Originally published on Apr 17, 2024 )
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