Paytm acquires five UPI addresses: implications for the business and Paytm consumers

The parent firm of Paytm, One97 Communications, a prominent fintech business, has partnered with four banks to acquire five UPI handles. The State Bank of India (SBI), Yes Bank, Axis Bank, and HDFC Bank are these four banks. According to a statement posted earlier this week on the National Payments Corporation of India (NPCI) website, this calculated measure guarantees the continuation of UPI transactions for Paytm customers.

Of these, the well-known and currently in use @paytm is still up and running, so users may go on with their transactions as usual. In addition, in collaboration with Yes Bank, NPCI has approved the creation of the closed user group UPI handle @ptyes.
The NPCI has also approved two more handles: @ptsbi (in conjunction with the State Bank of India) and @pthdfc (in association with HDFC Bank). These handles won’t become active right away, however.
Users may utilise the @paytm handle without any issues, according to a Paytm representative. This event follows the clearance of Paytm’s third-party application (TPAP) provider permission by NPCI. SBI, Axis Bank, Yes Bank, and HDFC Bank are collaborating to provide continuous UPI services for Paytm’s user base.
In the past, Paytm Payments Bank handled Paytm’s UPI transactions (PPBL). But as of March 15, the Reserve Bank of India (RBI) has forbidden PPBL from taking any further credit transactions, deposits, or top-ups in client accounts.
The founder and CEO of the firm, Vijay Shekhar Sharma, has a 51% share in PPBL, while One97 Communications Limited (OCL) owns a 49% stake.