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PROCESSING UPI TRANSACTIONS - Paytm's TPAP request awaits bank tie-ups
Business Standard
|March 08, 2024
One97 Communication Ltd's (OCL's) application for a third-party application provider (TPAP) status will only be considered after it establishes tieups with payment service provider (PSP) banks, sources said.
OCL operates under the brand name of Paytm.
To offer Unified Payments Interface (UPI) services, Paytm must connect with banks other than Paytm Payments Bank (Paytm PB).
Paytm declined to respond to a query from Business Standard on the issue.
While discussions with PSP banks are underway, the process could extend over a month before an agreement is reached, the sources said. As a result, Paytm may not be able to offer UPI services immediately after March 15, the date after which the Reserve Bank of India (RBI) has stated that Paytm PB will no longer be able to conduct deposit or credit transactions.
A TPAP is a service provider that participates in UPI through a PSP bank.
This story is from the March 08, 2024 edition of Business Standard.
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