Paytm’s UPI Services to Discontinue from March 15, 2024
Effective March 15, 2024, Paytm Payments Bank will no longer be able to receive funds or facilitate UPI transactions, as per a directive from the Reserve Bank of India (RBI). This move is due to Paytm Payments Bank’s violation of Know Your Customer (KYC) regulations.
Mechanism for Uninterrupted UPI Payments
To ensure seamless continuity of UPI services, Paytm has integrated with major banks under the National Payments Corporation of India’s (NPCI) approval. Paytm now operates as a Third-Party Application Provider (TPAP) under a multi-bank model.
New UPI Handles for Paytm Users
Paytm users with existing ‘@paytm’ UPI handles will need to transition to new handles associated with the partner banks. The new UPI handles are:
– SBI: ‘@ptsbi’
– HDFC Bank: ‘@pthdfc’
– Axis Bank: ‘@ptaxis’
– Yes Bank: ‘@ptyes’
These new handles will be used for all UPI transactions initiated through Paytm.
User Transition to New Banks
Paytm has initiated the process of transitioning users with ‘@paytm’ UPI handles to the partner banks. Users will receive in-app notifications prompting them to switch to one of the new UPI handles. Step-by-step instructions for activating the new UPI ID are provided within the Paytm app.
Creating a New UPI Account on Paytm
For new users or those who need to set up a new UPI account on Paytm:
1. Download the Paytm UPI app.
2. Enter your mobile number and verify it via SMS.
3. Select your bank from the list and link your bank account.
4. Set up a UPI PIN using your debit card details.
Changing the Default Bank Account on Paytm
To change your default bank account on Paytm:
1. Go to the ‘Profile menu’ and select ‘UPI & Payments Settings.’
2. Choose the bank account you wish to set as your default.
3. Tap ‘Set as default’ and confirm.
With these changes, Paytm users will be able to continue using UPI services smoothly without any disruptions.
