The National Payments Corporation of India has been asked to review a request from Paytm, formerly known as One 97 Communications, to become a third party application provider (TPAP). This was announced by the Reserve Bank of India on Friday.
If accepted, Paytm would be able to carry on accepting payments through the well-liked unified payments interface in India.
Paytm Payments Bank, a Paytm affiliate, was asked by the central bank on January 31 to cease operations by March 15; this caused a hiccup for the well-known payment app, which utilized the banking unit back end.
A set of newly identified banks will need to back the Paytm app. To ensure a seamless migration, the central bank has urged the payment authority to handle it.
“No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle,” the RBI said.
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