Paytm Gets NPCI Nod To Onboard New UPI Customers

In a major development, fintech giant Paytm said it has received the approval from the National Payments Corporation of India (NPCI) to onboard new unified payments interface (UPI) users.

In its approval letter to Paytm, the NPCI said that the nod will be contingent upon the fintech company following all guidelines and circulars on risk management, brand guidelines for app and QR, multi-bank guidelines, TPAP market share and customer data, among others.

“… We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to onboard new UPI users, with adherence to all NPCI procedural guidelines and circulars,” the company said in the filing. 

It is pertinent to note that Paytm was hit by the Reserve Bank of India’s (RBI) restrictions on its payments bank arm, Paytm Payments Bank Limited (PPBL) in January this year. This effectively barred the company from onboarding any new UPI users. 

Subsequently, Paytm roped in Axis Bank, Yes Bank, SBI and HDFC Bank as its payment service provider (PSP) banks to offer UPI services. 

(The story will be updated soon)

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