Paytm users may soon experience a significant change as they might need to select a new UPI ID. One 97 Communications (OCL), the parent company of Paytm, has obtained approval from the National Payments Corporation of India (NPCI) to migrate its users to a new bank. Here are the details.
Paytm has been making headlines lately, particularly after RBI banned Paytm Bank, and now another major change is on the horizon. Users may soon be required to update their UPI ID.
Currently, the UPI ID for Paytm users is 987XXXXXXX@Paytm. However, the company will soon introduce a feature allowing users to migrate to a new UPI ID. Users will have the option to change their UPI ID with partner banks.
OCL has received approval from NPCI to transition its users to partner banks, enabling them to continue making payments seamlessly.
NPCI granted approval to OCL to operate as a Third Party Application Provider (TRAP) on March 14, 2024. Subsequently, Paytm partnered with Axis Bank, HDFC Bank, SBI Bank, and Yash Bank. These banks will now extend their services to Paytm users under TRAP.
According to media reports, Paytm UPI users will soon receive a popup prompting them to provide consent and choose one of the UPI handles from the four aforementioned banks: @ptsbi, @pthdfc, @ptaxis, and @ptyes.