Paytm gets five handles to continue UPI transactions, existing one to continue

Paytm UPI payments: Embattled fintech company One97 Communications, which is the owner of financial gateway Paytm, has managed to secure five handles in partnership with four banks to continue UPI transactions. This information was revealed on the National Payments Corporation of India (NPCI) website. The existing handle of One97 Communications, @paytm is among the five handles that users can continue using without any requirements to make any changes at their end.

National Payments Corporation of India has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank. NPCI has given a go ahead for @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately.

A Paytm spokesperson said that the users can continue to use @paytm handle seamlessly without the need to make any changes at their end. On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company's users.

The UPI transactions of Paytm were earlier being carried out through Paytm Payments Bank (PPBL), which was barred by the Reserve Bank of India from accepting deposits, credit transactions, or top-ups in any customer accounts after March 15. One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL, while company's Founder and CEO Vijay Shekhar Sharma holds 51 per cent stake in the beleaguered bank. 

(With PTI inputs)