Yes Bank and Axis Bank go live on the Paytm app Today i.e. On 15th March, a day after the NPCI approved One97 Communications Limited to be a third-party app on the UPI platform. This development occurs on the last day of the RBI’s deadline for Paytm Payments Bank Limited to cease all banking operations.
Until now, PPBL was the backend bank that powered Paytm’s UPI payments.
But today onwards, New users attempting to register for UPI on the Paytm app will be given new handles backed by these banks rather than PPBL. This will ensure that the virtually inactive by the Reserve Bank of India’s crippling restrictions. Moreover, Users can now create new handles with: Yes Bank, Axis Bank, HDFC & SBI.
New UPI Handles Backed Keyword
- Yes Bank has gone live with a closed user group using the @ptyes handle,
- Axis Bank has gone with the @ptaxis handle,
- SBI Bank will go with @ptsbi handle (in a few days),
- HDFC Bank might also opt for this role in a few day @pthdfc handle.
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Yes, the bank currently has the additional role of migrating existing @paytm handles. Paytm has approximately 90 million UPI users who use @paytm handles. Other banks will join Yes Bank in gradually taking over these handles. The country’s largest lender, SBI, and the largest private sector lender, HDFC Bank, will most likely go live within a few days.
Yes, Axis, HDFC, SBI Bank will now act as payment service providers (PSPs), allowing a third-party app to connect to the banking system.
While the RBI has asked PPBL to suspend all banking services, it has made an exception for PSP services because the new banks will need a few months to migrate these customers. Moreover, Paytm has an 11 percent market share in UPI, processing over three billion beneficiary transactions and 1.6 billion outgoing transactions. Without a seamless migration from PPBL to other banks is required for the world’s largest real-time payment system UPI to function seamlessly.
