The Paytm Payments Bank cannot accept more credits into its client accounts and wallets, consumers must take additional procedures to make smooth digital payments via UPI using Paytm.
The National Payments Corporation of India (NPCI) has authorized One 97 Communications (OCL), Paytm Payments Bank’s parent company, to process UPI (Unified Payments Interface) payments to other banks. The NPCI has also given OCL authorization to operate as a Third-Party Application Provider (TPAP) under a multi-bank model, allowing Paytm to provide UPI services via partner banks.
Paytm has accelerated integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are now operating on the TPAP, making it easier for Paytm to transfer customer accounts to these Payment Service Provider (PSP) institutions.
To transition to a new UPI handle on the Paytm app, the business has begun transferring customers with the ‘@paytm’ UPI handle to these banks, assuring seamless UPI payments. Users are receiving “Important UPI alerts” on their apps, asking them to switch to one of the four banks’ UPI handles.
To activate your new UPI ID on the Paytm app, select the UPI update option and follow the onscreen steps.
Steps for Creating a UPI Account on Paytm
1. First, download the Paytm UPI mobile payment app.
2. Enter your mobile number, and if you have a dual SIM phone, select the SIM slot that corresponds to your number.
3. Verify your cellphone number by sending an SMS from it.
4. Choose your bank from the list, making sure it matches the cellphone number registered with your bank, to retrieve your bank account information.
5. If this is your first time joining the bank, create a UPI PIN using your debit card data.
6. Your bank account has now been connected via UPI, and you are ready to make your first payment.
