RBI lays out roadmap for Paytm's UPI transition

MUMBAI: RBI has outlined a plan for seamless transfer of UPI virtual payment address (@paytm) and merchant QR codes from Paytm Payments Bank (PPBL) to its parent company One97.

This move ensures that customers can continue to scan and pay using their Paytm app and merchants can display the Paytm QR code for accepting payments even after March 15 as long as the underlying bank account is not PPBL.

Expand


The RBI said additional measures are required to ensure smooth digital payments for UPI customers using the handle '@paytm' operated by Paytm Payments Bank. The RBI had earlier imposed certain business restrictions on Paytm Payments Bank, resulting in a ban on all deposits into all bank accounts, be it savings, current, wallet or Fastag accounts, after March 15. To continue providing UPI services through its app One97 (which owns and operates under the Paytm brand) needs to purchase a third-party application provider license from NPCI.

RBI said that to facilitate smooth migration of '@paytm' handles, the NPCI needs to certify four to five banks as payment service provider banks capable of processing high volume UPI transactions. These banks will follow in the footsteps of PPBL in processing transactions. During the transition period, Paytm will not be able to attract new customers to UPI.

In the case of PhonePe and GPay, major banks HDFC, ICICI, SBI, Axis and Yes Bank are the processing banks. Although the transaction processing banks do not generate large amounts of revenue, participating in the transaction chain allows them to gain insight into customer transactions that can be used for analysis.

Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

Leave a Reply

Your email address will not be published. Required fields are marked *

naughty cam girls adultcamslive.cc karly_angel
hindi sex clips xlxx.pro sexy hot imges
vasundhara kashyap nude video tubeshere.info indian xvideoa
sexy lady bf tubeband.mobi girl with horse sex
xmxx motherless.pro mallu mms scandal
سكس ىابانى eroplaytube.com سكس\
wwww xxxx vidos pornindianhub.info www.xxx movie
tamil pornhub 2beeg.mobi chudaimaza
lobsters tube zatube.mobi gujarati sex videos
indian bollywood porn pornogator.net kochikame porn
bengali actress porn video free-porn-hose.net xvideo bangladeshi
boss secretary sex hdsexword.mobi xxx dasi sex video
sexxx3 hamsterporn.mobi malayalam sex with
garo xxx video brostube.mobi todayspkmovies
rajasthan sax video pelisporno.org andhra sexy video download