Paytm gets nod to continue UPI via State Bank of India, three others

The National Payments Corporation of India (NPCI) on Thursday allowed One97 Communications (OCL), which operates brand Paytm, to function as a third party application provider (TPAP) on Unified Payments Interface (UPI).

Four banks — State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank — will act as payment service providers (PSPs) to Paytm.

The approval comes a day before the Reserve Bank of India’s (RBI’s) restrictions on Paytm Payments Bank kick in. The decision implies that Paytm’s users can continue to transact using UPI on the app.