RBI gave a big order on whether UPI payments will continue on Paytm

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Paytm News : Good news for Paytm UPI users. Reserve Bank of India has asked NPCI to take necessary steps to maintain Paytm's UPI services. The Reserve Bank issued an advisory to the NPCI asking that, for the service to continue with the Paytm app, the NPCI should facilitate the certification of 4-5 banks capable of high volume UPI transactions as payment service providers.

RBI eyes Paytm's third party app request

The Reserve Bank of India has responded to Paytm's parent company One97 Communication Limited's third party app request. The Reserve Bank has advised the National Payments Corporation of India (NPCI) to look into Paytm's appeal to become a third-party application provider for UPI payments. Along with this, NPCI will explore the possibilities of creating a third party app provider to facilitate the UPI functionality of the Paytm app. Let it be known that the central bank has stopped Paytm Payments Bank from taking money into its customer accounts and wallets after March 15, 2024.

Alternative arrangements should be made

The Central Reserve Bank has also advised NPCI to make alternative arrangements for UPI users of Paytm Payments Bank. However, users who are using @paytm virtual payment addresses will now be given an option to migrate to other banks. The Reserve Bank has asked NPCI to look at 4-5 payment service provider banks to cover the high volume.

The Reserve Bank said that no new user can be added by the third-party application provider until all existing users are satisfactorily migrated to a new handle.

Banks allowed to issue prepaid cards

Meanwhile, the Reserve Bank has allowed banks and non-banking financial institutions to declare PPI on payments for different public transport systems. With the advent of this, passengers will have other options other than cash payment for fare payment.

The tool will facilitate secure, convenient and fast digital payments for passenger transport services, the RBI said. Public transport systems across the country serve a large number of passengers every day.

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