Paytm shares in focus today ahead of RBI's 15 March deadline, NPCI's nod for third-party UPI app
Shares of One 97 Communications settled at Rs 353.25 on Thursday, adding merely 0.38 per cent in the previous session.
- Mar 15, 2024,
- Updated Mar 15, 2024 7:58 AM IST
One 97 Communications Ltd, the parent company of the fintech platform Paytm, will be at focus on Friday ahead of the March 15 deadline for Paytm Payments Bank services. However, the financial services player will be able to provide third-party applications after NPCI's approval. The National Payments Corporation of India (NPCI) has given approval to One97 Communications to participate in UPI services as a third-party application provider under a multi-bank model. Under the new model, Paytm will provide the payment service in partnership with four new banks—Axis Bank, HDFC Bank, State Bank of India, and Yes Bank. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner, said the company in an exchange filing on Thursday evening. Paytm has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest. Prior to this, Paytm's UPI ecosystem was dependent on Paytm Payments Bank (PPBL). However, the Reserve Bank of India (RBI) imposed business restrictions on the payments bank and the deadline was later extended to March 15. Paytm, since then, has been trying to enter into partnerships to become a third-party application provider. Paytm had on February 20, shifted its nodal accounts to Axis Bank to settle UPI payments made by consumers to merchants via QR codes, giving a major relief to merchants. The move will ensure that merchants continue to receive seamless payments even after RBI’s March 15 deadline.
Shares of One 97 Communications settled at Rs 353.25 on Thursday, adding merely 0.38 per cent in the previous session. The stock has corrected about 65 per cent from its 52-week highs of Rs 998.30. The company has a total market capitalization close to 22,500 crore.
One 97 Communications Ltd, the parent company of the fintech platform Paytm, will be at focus on Friday ahead of the March 15 deadline for Paytm Payments Bank services. However, the financial services player will be able to provide third-party applications after NPCI's approval. The National Payments Corporation of India (NPCI) has given approval to One97 Communications to participate in UPI services as a third-party application provider under a multi-bank model. Under the new model, Paytm will provide the payment service in partnership with four new banks—Axis Bank, HDFC Bank, State Bank of India, and Yes Bank. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner, said the company in an exchange filing on Thursday evening. Paytm has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest. Prior to this, Paytm's UPI ecosystem was dependent on Paytm Payments Bank (PPBL). However, the Reserve Bank of India (RBI) imposed business restrictions on the payments bank and the deadline was later extended to March 15. Paytm, since then, has been trying to enter into partnerships to become a third-party application provider. Paytm had on February 20, shifted its nodal accounts to Axis Bank to settle UPI payments made by consumers to merchants via QR codes, giving a major relief to merchants. The move will ensure that merchants continue to receive seamless payments even after RBI’s March 15 deadline.
Shares of One 97 Communications settled at Rs 353.25 on Thursday, adding merely 0.38 per cent in the previous session. The stock has corrected about 65 per cent from its 52-week highs of Rs 998.30. The company has a total market capitalization close to 22,500 crore.