Yes Bank, Axis Bank go live on Paytm’s UPI platform: What you need to do

Paytm UPI: National Payments Corporation of India (NPCI) gave One97 Communications Limited- Paytm’s parent company- approval to be a third-party app on UPI platform.

Following this, Yes Bank and Axis Bank went live on Paytm app using which users can create new handles. This comes as RBI’s deadline for Paytm Payments Bank Limited to stop all banking operations ends today (March 15).

What it means for Paytm UPI users?
New users trying to register for UPI on Paytm app will get new handles which will be backed by these banks instead of Paytm Payments Bank Limited. Yes Bank has gone live with a closed user group of users with @ptyes handle and Axis Bank has gone with @ptaxis handle. The former has the additional role of migrating existing @paytm handles as of now.

Currently, Paytm has around 90 million UPI users who are using @paytm handles.

What about SBI and HDFC?
SBI and HDFC Bank will likely go live in a couple of days on the platform. SBI will go with @ptsbi and HDFC will go with @pthdfc handles as payment service provider (PSP) banks.

What is Paytm’s market share in UPI?
Paytm has around 11 per cent market share in UPI. It processes more than three billion beneficiary transactions and around 1.6 billion outgoing transactions.