The National Payments Corporation of India (NPCI) gave its nod to One97 Communications (OCL), which controls Paytm, to onboard new Unified Payments Interface (UPI) customers.
The development comes nine months after the Reserve Bank of India (RBI) banned OCL to acquire new clients. NPCI chairman Dilip Asbe gave the permission in a letter to the Noida-based company’s founder and CEO, Vijay Shekhar Sharma.
The approval is subject to NPCI norms with payment service provider (PSP) banks.
“Vide letter dated October 22, 2024, the NPCI has granted approval to the company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in an exchange filing late Tuesday.
A Paytm representative stated, “As the pioneers of mobile payments in India and a domestic champion, we are still dedicated to investing in payments. We see a big opportunity for consumers with UPI and are committed to providing the best in innovation to them. This effort demonstrates Paytm's commitment to improving customer experience in digital payments.”
How To Set Up UPI Payment ID
To start, open the Paytm app and input your mobile phone number. Verify it by entering the OTP supplied to your phone number.
Link Your Bank Account
To activate Paytm UPI, select your bank account to transfer and receive money smoothly.
Choose Your Primary Bank Account
Select the associated bank account you want to use as your main account for UPI transactions.
Your UPI ID is generated once you pick your bank account. You may now use your UPI ID to send and receive money instantaneously using Paytm. Your UPI ID will start with @pthdfc, @ptaxis, @ptsbi, or @ptyes.
After setting it up, users can make payments to others. It also allows peer-to-peer transfers. Paytm has also developed a UPI Lite platform for transactions under Rs 2,000. Users may also link their RuPay Credit Cards to UPI and use the auto-pay function to make bill payments.
