Paytm’s payment service will be powered by four partner banks—Axis Bank, HDFC Bank, State Bank of India, and YES Bank—acting as Payment System Providers (PSP) to facilitate the process. NPCI has stated that YES Bank will serve as the merchant acquiring bank for both existing and new UPI merchants associated with OCL. The “@Paytm” handle will be redirected to YES Bank, ensuring that existing users and merchants can carry out UPI transactions and AutoPay mandates smoothly without any interruptions. Additionally, the NPCI has instructed Paytm to swiftly migrate all existing handles and mandates, as necessary, to the new Payment System Provider (PSP) banks without delay. Also Read: Karnataka Bans Coloured Gobi Manchurian And Cotton Candy For Health Reasons

Source: News 24 March 14, 2024 20:15 UTC