Processing UPI transactions: Paytm's TPAP request awaits bank tie-ups

Discussions with PSP banks could take over a month to reach an agreement

One97 Communication Ltd’s (OCL’s) application for a third-party application provider (TPAP) status will only be considered after it establishes tie-ups with payment service provider (PSP) banks, sources said. OCL operates under the brand name of Paytm.

To offer Unified Payments Interface (UPI) services, Paytm must connect with banks other than Paytm Payments Bank (Paytm PB). 

Paytm declined to respond to a query from Business Standard on the issue.

While discussions with PSP banks are underway, the process could extend over a month before an agreement is reached, the sources said. As a result, Paytm may not be able to offer UPI services immediately