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Final Up to date: March 14, 2024, 19:39 IST
The Nationwide Funds Company of India (NPCI) introduced on Thursday that it has granted Paytm a third-party utility supplier licence, enabling it to facilitate funds after its banking unit ceases operations.
With this licence, clients can nonetheless use the Paytm app to make funds by means of Unified Funds Interface (UPI) even after Paytm Funds Financial institution shuts down on March 15 as a result of regulatory points.
In a press release, the NCPI mentioned that Axis Financial institution, HDFC Financial institution, State Financial institution of India, and Sure Financial institution will function the banks offering cost system providers to Paytm. Moreover, Sure Financial institution will act as a service provider buying financial institution for each current and new UPI retailers for Paytm.
“YES Financial institution shall even be appearing as service provider buying financial institution for current and new UPI retailers for OCL. “@Paytm” deal with shall be redirected to YES Financial institution. This can allow current customers and retailers to proceed to do UPI transactions and AutoPay mandates in a seamless and uninterrupted method,” the assertion learn.
NCPI path
The NCPI has adviced Paytm to finish the migration for all current handles and mandates, wherever required, to new cost system supplier banks on the earliest.
UPI, owned and operated by NCPI, permits customers to switch cash throughout banks.
Paytm, rating because the third-largest UPI funds app within the nation, processed 1.41 billion month-to-month transactions value 1.65 trillion rupees in February. This was a slight lower from 1.57 billion transactions value 1.93 trillion rupees in January, in line with NPCI information.
PhonePe and Google Pay maintain the highest positions as the 2 largest UPI cost apps in India.
Final month, the Reserve Financial institution of India (RBI) directed the NPCI to assessment a request from Paytm to turn into a third-party utility supplier.
(With inputs from Reuters)
