What This Means For You: Paytm UPI Will Be Available After March 15, But It Will Be More Like Google Pay And PhonePe

Paytm is set to end its support for the Payments Bank, causing concern about digital payments. The bank’s operation will end on March 15, 2024, but the company has managed to secure a temporary reprieve allowing UPI payments through its app.

Paytm’s parent company has secured approval from the National Payments Corporation of India (NPCI) for a deal allowing Paytm to operate its UPI service as a third-party application, allowing the tech aspect of the platform to be managed by NPCI, while payment operations are handled by banks.

Paytm will transition from its Payments Bank to Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank after March 15, allowing other traditional banks to utilize its resources and serve customers, as the company has previously relied on its Payments Bank.

Paytm’s parent company is being instructed to migrate the @paytm UPI ID to @Yesbank ID, ensuring seamless payments without any changes to customer settings. This will allow existing users and merchants to continue UPI transactions and AutoPay mandates without interruption, according to NPCI.

Paytm will no longer offer its FASTag service, as UPI services will be available through other banks. Existing customers will need to use a new FASTag provider to continue using the NFC-based toll payment platform. Paytm hopes to maintain its business and customers by continuing as a third-party application.

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