Paytm gets nod for user migration to new UPI IDs : What this means for you

The National Payments Corporation of India (NPCI) has allowed One97 Communications (OCL), the company that operates Paytm, to start migration of users to a new payment service provider (PSP) the bank handles. Four banks — State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank — will act as PSPs to Paytm.

Users will now be asked for consent for using Paytm with a new UPI ID with one of the four banks’ UPI handles.

Paytm might ask you to switch your ‘@paytm’ handle to a new UPI handle linked to one of the banks mentioned above (like yourname@axis). You’ll be able to choose the bank.