One97 Communications, the parent company of Paytm, is contemplating a shift to operate the digital payments app as a third-party payment app (TPAP). The move is taken to ensure uninterrupted access to the Unified Payments Interface (UPI) for its users, according to sources cited by The Economic Times.
What Changes Would Ensure If Paytm Claims TPAP Status?
In response to regulatory directives from the Reserve Bank of India (RBI), Paytm plans to transition its payment service to a third-party app model. It will necessitate changes in virtual payment addresses (VPAs) for its users. Currently, Paytm UPI users have VPAs ending in @paytm, but starting from March 1, these VPAs may be associated with other banks.
Moreover, to facilitate this transition, Paytm is in discussions with several banks, including HDFC Bank, Axis Bank, and Yes Bank, to issue new VPAs to its customers. Additionally, Paytm Payments Bank (PPBL) is exploring the transfer of nodal accounts of Paytm merchants to other lende
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