Shares of One 97 Communications Limited (OCL), which owns the Paytm brand, rose by 4.5% today, as the company received approval from the National Payment Corporation of India (NPCI) to migrate users to Payment System Provider (PSP) banks.

The PSP banks include Axis Bank, HDFC, SBI, and YES Bank, all of which are now operational on a Third-Party Application Provider (TPAP).

As per OCL’s recent regulatory filing on April 17, Paytm UPI users can now create new Virtual Private Addresses (VPAs) with partner PSP banks. 

This migration process began immediately after NPCI’s approval on March 14, 2024, to onboard OCL as a TPAP on the Multi Payment Service Provider API Model.

Paytm has expedited the integration with Axis Bank, HDFC Bank, SBI, and YES Bank. All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks. 

The company has started transitioning ‘@paytm’ handle users to these banks, ensuring seamless UPI payments.

Paytm leverages the robust infrastructure of its banking partners to ensure uninterrupted and secure UPI payments for both users and merchants through the Paytm app.

Paytm is one of India’s leading mobile payments and financial services distribution companies. The company builds technologies that help small businesses with payments and commerce.

At 12:34 pm, the shares of OCL were trading flat at Rs 392.00 on NSE.