How NPCI was congratulated by Paytm founder Vijay Shekhar Sharma for the license to use third-party apps

One 97 Communications (OCL), the parent company of Paytm, has received the required authorization from the National Payments Corporation of India (NPCI) to function as a third-party application provider (TPAP) on the Unified Payments Interface (UPI) network. Paytm has decided to provide UPI to its user base via a multi-bank approach, following in the footsteps of its contemporaries, PhonePe and Google Pay. The company has decided to discontinue its exclusive collaboration with Paytm Payments Bank Ltd. (PPBL) for the service.
In a message on X, previously Twitter, Paytm founder Vijay Shekhar Sharma expressed gratitude to NPCI for the same.

“Thank you, @NPCI_NPCI, for being committed to growing @UPI_NPCI to new heights together, @dilipasbe. 🙏🏼 🇮🇳🚀 #PaytmKaro,” Paytm founder Vijay Shekhar Sharma said on the microblogging site X on Thursday.
Prior to now, Paytm also posted the NPCI alert on the network. “As of right now, your Paytm UPI will function! Paytm said via its Twitter account, “We have obtained clearance from @NPCI_NPCI to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Additionally, a BSE stock market filing on the same was given in the article.
According to a statement from NPCI, the company that runs UPI, OCL, will get payment system services from four major banks: Axis Bank, HDFC Bank, State Bank of India, and Yes Bank.
The action was taken in response to the Reserve Bank of India’s decision to prohibit PPBL, in which OCL has a 49% share, from taking on new deposits or offering banking services beyond March 15, 2024. By March 15, Paytm was required by the RBI to terminate all of its nodal accounts with Paytm Payments Bank.
Yes Bank will serve as the company’s merchant acquisition bank for both new and current UPI merchants.
Transactions will be redirected to Yes Bank using the “@Paytm” handle, which Paytm has been utilizing to provide the service via the payments bank. This would make it possible for current users and merchants to carry out autopay requirements and UPI transactions without any disruptions. According to the NPCI, One 97 Communications has also been directed to finish migrating all current handles and mandates—where applicable—to new PSP banks as soon as possible.