Paytm gets NPCI approval to onboard new UPI users

Earlier this year, Paytm was hit by the RBI's crippling restrictions on its associate company, Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on Paytm app

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Paytm parent One 97 Communications Ltd said on October 22 that the National Payments Corporation of India (NPCI) has granted approval to the company to onboard new UPI users.

This direction is contingent upon Paytm following all NPCI guidelines and circulars on risk management, brand guidelines for app and QR, multi-bank guidelines, TPAP market share and customer data, among others, the NPCI said.

Paytm was hit by the Reserve Bank of India's crippling restrictions on its associate company, Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on Paytm app in January and Febury this year. Paytm's UPI service was powered by PPBL and since the RBI action, the company had to transition to a third party app model.

Paytm had to rope in Axis Bank, Yes Bank, SBI and HDFC Bank as its payment service provider (PSP) banks to be its partners in the TPAP service. PSP banks connect the UPI apps with the banking network. For Paytm it was PPBL until now.

The transition has likely resulted in a drop in the company's UPI market share.