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The Reserve Bank of India on Friday said it had asked the National Payments Corporation of India (NPCI) to review Paytm’s request to become a third-party application provider (TPAP), formally known as One 97 Communications.

Once approved, Paytm will be able to continue processing payments through India’s popular Unified Payments Interface (UPI), but will require newly identified banks to support the app.

NPCI should ensure that four to five banks with the capacity to process bulk UPI payments can act as service providers for Paytm, the RBI said on Friday.

“No new users will be added under such TPAP until all existing users are satisfactorily migrated to the new handle,” the RBI said.

Last month, the central bank had asked Paytm’s affiliate Paytm Payments Bank to cease operations by March 15, which halted the popular payments app that used banking units on the backend.

Paytm is the third largest UPI payment app in the country, processing 1.6 billion transactions per month, according to data available on the NPCI website. PhonePe and Google Pay are the two biggest ones.

To continue running the Paytm QR code, the company may open a payment account with one or more banks, the RBI said.

Paytm said last week that it had signed an agreement with Axis Bank to act as its banking partner.

© Thomson Reuters 2024

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