What latest NPCI approval for Paytm means for those using @paytm UPI handle

Paytm Payments Bank will no longer accept new credits into client accounts and wallets after March 15, 2024, according to a Reserve Bank of India (RBI) mandate.

The National Payments Corporation of India (NPCI) has approved One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) using a multi-bank approach, stated a press release from NPCI on March 14, 2024.

After its banking division, Paytm Payment Bank Limited (PPBL), shuts down on 15 March due to regulatory action, the much-expected licence will enable Paytm to carry on providing Unified Payments Interface (UPI) services to its app customers. This will allow existing customers and merchants to carry out AutoPay requirements and UPI transactions in an easy and uninterrupted way.

As per the NPCI circular, four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to OCL. YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner.

The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account / Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024.

The directive does not impact your existing balances in account or wallet and your money is safe with the Bank.

Step 1: Open the Paytm app on your phone and tap on your profile picture in the upper left corner of the main screen.

Step 2: Right when you click on it, your UPI ID and QR code for receiving payments will appear on the screen under your profile picture.

You can check and your UPI ID.