CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The National Payments Corporation of India (NPCI) has approved Paytm's migration of consumers to other banks for Unified Payments Interface (UPI)-based payment services.
The company has finished its integration with four major banks - State Bank of India, Yes Bank, HDFC Bank, and Axis Bank - and has begun the process of migrating its customers to these new Payment System Providers (PSPs).
However, following a decision from the Reserve Bank of India (RBI) ordering Paytm Payments Bank to cease basic banking services by March 15, 2024, Paytm was forced to shift its systems to other banks in order to assure the continued operation of its payments business.
NPCI Approval And Integration
On March 14, 2024, NPCI permitted Paytm to transition to a Third-Party Application Provider (TPAP) arrangement with the four aforementioned banks.
The backend integration is now complete, so customer migration can begin. Paytm gained permission from the NPCI on April 16, 2024, to begin the migration of its users. All @paytm handle users will be moved to these banks.
What Is The TPAP For Seamless UPI Payment?
The four banks are now active on the TPAP, making it easier for Paytm to transfer user accounts to them. This ensures that Paytm can continue to enable uninterrupted and secure UPI payments to customers and merchants via the Paytm app.
TPAP is a methodology that enables a third-party application provider, such as Paytm, to interact with various banks and offer UPI payment services. Under this strategy, the third-party application provider can onboard users and conduct UPI transactions via partner banks' infrastructure, rather than relying on a single bank or its own payments bank.
TPAP is a multi-bank payment service provider API model developed by the National Payments Corporation of India (NPCI) for UPI (Unified Payments Interface) transactions.
TPAP is a significant development in the UPI payments landscape because it enables third-party application providers such as Paytm to integrate with multiple banks, resulting in a more reliable, secure, and seamless payment experience for users while adhering to regulatory requirements and fostering UPI ecosystem expansion.
New Virtual Payment Addresses (VPA)
Paytm UPI users can now set up new VPAs with partner PSP banks.
The business has begun moving '@paytm' handle users to these banks, guaranteeing a seamless transfer to the new UPI IDs.
The new VPAs will be in the format @ptsbi, @pthdfc, @ptaxis, and @ptyes, which correspond to the respective partner banks.
About Paytm
Paytm, an Indian multinational financial technology business, was launched in 2010 by Vijay Shekhar Sharma.
Provides digital payment services such mobile recharges, utility bill payments, and QR code-based transactions.
Launched Paytm Wallet, a mobile-based payment service, in 2014.
In 2017, it became India's first payment app with more than 100 million downloads.
Paytm Payments Bank was launched in 2017, but later suffered regulatory problems.
Listed on Indian public exchanges in 2021 and raised $2.5 billion in India's largest-ever IPO.
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