 "Paytm finishes merchant migration to new UPI ids: Here's how to activate it")
Paytm Payments Bank has since March 15 ceased to accept additional credits into its customer accounts and wallets. Certain supplementary measures are needed to facilitate uninterrupted digital payments for Unified Payments Interface (UPI) customers using "@paytm", the Reserve Bank of India (RBI) has said.
National Payments Corporation of India (NPCI) has allowed One 97 Communications (OCL), the parent company of Paytm Payments Bank, to facilitate the transfer of its customers' UPI payments to other banks, according to a report in the Economic Times (ET).
Last month, the NPCI also authorised OCL to operate as a third-party application provider (TPAP) under a multi-bank model. This signifies that Paytm is now enabled to offer UPI services through partner banks. Following the approval, Paytm has accelerated the integration process with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, ET reported.
In a press release last week, Paytm said, “Following NPCI's approval on March 14, 2024, to onboard OCL as a third-party application provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.”
What are the updated UPI handles?
The users' current UPI IDs with "@paytm" will be replaced with new IDs, namely:
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-SBI UPI handle: @ptsbi
-HDFC Bank UPI handle: @pthdfc
-Axis Bank UPI handle: @ptaxis
-Yes Bank UPI handle: @ptyes
Paytm, on its website, stated, “YES Bank will also act as a merchant acquiring bank for our existing and new UPI merchants. The “@Paytm” handle will be redirected to YES Bank. This will enable our existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner.”
How to switch to a new UPI handle on Paytm app
The company has initiated the transfer of users using the "@paytm" UPI handle to these banks, guaranteeing smooth UPI transactions. It said that all four banks are actively engaged in the TPAP, simplifying the procedure for Paytm to migrate user accounts to these PSP banks, the ET reported.
A number of Paytm UPI users have begun receiving "important UPI alerts" on their app, prompting them to commence the transition to the UPI handles associated with one of the four banks.
According to the ET report, once a user clicks on the UPI update, he/she can follow the instructions to activate the new UPI ID on the Paytm app.
Below are the steps to create UPI Account on Paytm
-Download the Paytm UPI mobile payment application
-Enter your mobile number
-Verify your mobile number by sending an SMS from your number
-Select a bank and ensure it matches the mobile number registered with your bank.
-The app will fetch bank account details
-Set up a UPI PIN, if it is your first time linking the bank
-The bank account will be now linked via UPI
Below are the steps on how to change default bank account in Paytm"
-In the "Profile menu", tap on “UPI & Payments Settings”
-Tap on the bank account you want to select as default Bank a/c
-Tap “Set as default” and confirm by tapping “Yes”