Due to RBI’s restrictions, the National Payments Corporation of India (NPCI) has allowed One 97 Communications (OCL), the dad or mum firm of Paytm, to shift UPI companies to different banks.OCL is now approved to function as a Third-Party Application Provider (TPAP) underneath a multi-bank mannequin. This signifies that Paytm can proceed offering UPI companies by companion banks.
A current Paytm press launch introduced that after the NPCI accredited One 97 Communications (OCL) as a Third-Party Application Provider (TPAP) on March 14, 2024, Paytm rapidly built-in with 4 main banks: Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All these banks at the moment are related with the TPAP, making it simpler for Paytm to switch buyer accounts to those companion banks.
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New UPI handles for Paytm customers
According to an ET report, ultimately, customers might want to exchange their UPI IDs ending with “@paytm” with new handles, although there is not any set deadline but. The new handles are:
– SBI’s UPI deal with: “@ptsbi”
– HDFC Bank’s UPI deal with: “@pthdfc”
– Axis Bank’s UPI deal with: “@ptaxis”
– Yes Bank’s UPI deal with: “@ptyes”
These are the new IDs to make use of for UPI transactions by Paytm.
Switching to a new UPI deal with on the Paytm app
Paytm has begun transitioning customers with the ‘@paytm’ UPI deal with to new banks to make sure easy UPI funds. According to a press launch, the 4 companion banks—Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank—are all set to deal with this transition, making it simpler for Paytm to maneuver person accounts.
Some Paytm UPI customers are seeing “Important UPI alerts” on their app, prompting them to change to certainly one of the new UPI handles. If you click on on the UPI replace, you’ll discover directions on how to activate your new UPI ID in the Paytm app.
Why did RBI bar Paytm Payments Bank?
Paytm Payments Bank has been barred from providing banking companies by the RBI as a result of it breached Know Your Customer (KYC) laws. This ban, which took impact in February, consists of a freeze on important transaction companies on Paytm’s platforms, resembling UPI, IMPS, Aadhaar-enabled funds, and others, efficient from March 15, 2024.
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Creating a UPI account on Paytm
If you are new to UPI or must arrange a new account, right here’s what you must do:
Step-by-Step Guide to Set Up UPI with Paytm:
Step 1: Download the Paytm UPI app on your cell machine.
Step 2: Enter your cell quantity. If you have a twin SIM telephone, choose the SIM slot with the quantity you need to use.
Step 3: Verify your cell quantity by sending an SMS.
Step 4: Choose your financial institution from the listing. Make positive it matches the cell quantity registered together with your financial institution. This will hyperlink your checking account.
Step 5: If it is your first time, arrange a UPI PIN. You will want your debit card particulars for this step.
Step 6: Now your checking account is linked by way of UPI, and you’re able to make funds.
Changing the default checking account in Paytm
To change your default checking account on Paytm, do the following:
1. Open the ‘Profile menu’ and choose “UPI & Payments Settings.”
2. Choose the checking account you want to set as your default.
3. Tap “Set as default” and ensure by tapping “Yes.”
