The National Payments Corporation of India on Thursday granted approval to Paytm-owner One97 Communications Ltd to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm.
YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for One97 Communications Ltd (OCL). “@Paytm” handle shall be redirected to YES Bank, NPCI said in a statement.
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