SBI To Handle Paytm UPI Business

Paytm UPI Business got SBI Support – The country’s largest lender State Bank of India, SBI joined hand with One97 Communications, which runs Paytm brand and applications, for its consumer UPI payments. Paytm’s UPI was powered by Paytm Payments Bank Limited (PPBL) and since the RBI’s action on the latter, the mobile payments company has been forced to seek bank partnerships to become a third party application provider (TPAP), much like its larger competitors PhonePe and Google Pay.

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Paytm had partnered with Axis Bank, Yes Bank and HDFC Bank for TPAP partnerships earlier. For most large UPI players, the regulatory body National Payments Corporation of India insists that they should have at least three bank partners. NPCI, which runs UPI payments, is working with all the banks to expedite the TPAP process by March 15.