THE RESERVE BANK of India continues to provide updates regarding Paytm, with the latest announcement aimed at ensuring uninterrupted usage of Paytm for UPI payments beyond March 15th. This move further mitigates the risk of disruptions to UPI payment volumes for Paytm.
What's new?
RBI has also directed the National Payments Corporation of India (NPCI) to review Paytm's application as a third party application provider (TPAP) for unified payments interface (UPI) services. This involves Paytm's request to migrate its '@paytm' handle seamlessly to newly identified banks. However, RBI has stipulated that Paytm cannot onboard new users until all existing users are successfully transitioned to the new handle.Additionally, there's plan to certify 4-5 banks as payment service provider (PSP) Banks to handle Paytm's UPI transactions.
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