According to a circular issued by the Reserve Bank of India in March 2024, because the Paytm Payments Bank will no longer accept new credits into its customer accounts and wallets after March 15, 2024, certain additional steps are required to ensure seamless digital payments by UPI customers using ‘@paytm’.
The National Payments Corporation of India (NPCI) has enabled Paytm Payments Bank’s parent company, One 97 Communications (OCL), to transfer its clients’ UPI (Unified Payments Interface) payments to other banks. It also gave OCL authorization to operate as a Third-Party Application Provider (TPAP) under a multi-bank framework, which means Paytm may now offer UPI services through partner banks.
What’s The Deadline? What Are The New Handles?
There is no deadline defined at present. The new handles will be issued by four banks: Yes Bank, HDFC Bank, Axis Bank, and SBI Bank. Current users will also be able to switch from their “@paytm” UPI IDs to one of these four banks’ new IDs.
According to Paytm’s website, “YES Bank will also act as merchant acquiring bank for our existing and new UPI merchants.” The “@Paytm” username will lead to YES Bank. This will allow our existing customers and merchants to continue conducting UPI transactions and AutoPay obligations smoothly and uninterruptedly.”
How Can I Change The ID On The Paytm App?
Paytm is already providing customers notices to switch from their present handles. You may activate your new UPI ID on the Paytm app by following the prompts after selecting the UPI update.
How Can I Create A UPI Account On The Paytm App?
- Step 1: Download the Paytm UPI app.
- Step 2: Enter your telephone number.
- Step 3: Send an SMS from your number to verify it.
- Step 4: Choose your bank from the list that corresponds to the number registered with your bank to retrieve your bank information.
- Step 5: Create a UPI PIN. You will need your debit card information for this.
- Step 6: Your bank account is now linked through UPI.
To change the default account, select “UPI & Payments Settings” from the “Profile menu.” Choose the bank account you wish to be the default bank account and hit “Set as default.”
