Paytm Continues Seamless UPI User Migration To Partner Banks In Compliance With NPCI Norms
Paytm has been actively communicating with users visiting the platform with interstitials, banner ads, in-app notifications, SMS and newspaper ads, about the creation of their new UPI IDs
One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services distribution company and the pioneer of QR and mobile payments, has successfully undertaken the migration of UPI users to other banks, in line with the regulatory guidelines set by the National Payment Corporation of India. The transition is now in its final stages.
This move facilitates seamless Unified Payments Interface (UPI) migration for its users and merchants to new UPI handles. In this process, existing users can migrate to a new UPI ID on the Paytm app and enjoy secure and seamless transactions.
Following the approval from National Payment Corporation of India (NPCI) to operate as a TPAP (Third Party App Provider) in March, Paytm started the user migration to new Payment System Provider (PSP) bank handles by partner banks Axis Bank, HDFC Bank, SBI, and YES Bank. The migration further derisks the customer and reduces chances of payment failure improving trust on the UPI infrastructure, and ensuring reliable transactions on Paytm app.
Paytm has been actively communicating with users visiting the platform with interstitials, banner ads, in-app notifications, SMS and newspaper ads, about the creation of their new UPI IDs to ensure smooth transition with their consent. The users have also been given an option to opt-out of the migration if they wish to.
Users who have not been active on the Paytm app for an extended period are also receiving these notifications about the migration. While a new UPI handle would be created, it will be activated only if the user decides to use it with no risks attached.
Sources close to the development said, “Following the NPCI approval, @Paytm user handles are to be migrated to new banks. The company has been proactively prompting users with interstitials and banner ads, in-app notifications, SMSs and newspaper ads, seeking to migrate and guide users through the transition process. Paytm has been ensuring that the migration is seamless and inline with the regulatory norms so that users continue to experience secure and convenient transactions on the platform.”
In the past other UPI apps including PhonePe and BharatPe have also undergone similar migration of handles to different ones, after Yes Bank.
Paytm did not comment on the queries at the time of publication.
How to change your UPI ID on Paytm app
1: Open the Paytm app and tap profile button at the top left corner
2: Go to ‘UPI & Payment Settings’ section and click on view ‘UPI ID’
3: Choose your desired new UPI ID from our 4 partner banks
4: Tap ‘Activate’ to switch to your new ID
5: You will receive an 'Activation Successful' prompt
Trending News
Top Headlines
