Topics
Latest
AI
Amazon
Image Credits:Anindito Mukherjee / Bloomberg / Getty Images
Apps
Biotech & Health
Climate
Image Credits:Anindito Mukherjee / Bloomberg / Getty Images
Cloud Computing
commercialism
Crypto
Enterprise
EVs
Fintech
fundraise
convenience
Gaming
Government & Policy
ironware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
Space
Startups
TikTok
DoT
Venture
More from TechCrunch
event
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
get hold of Us
India ’s Paytm has secured a vital license it need to endure and keep continuity of several core features of its eponymous payments app , a day before the firm ’s banking unit is scheduled to terminate operations because of regulative clampdown .
The National Payments Corporation of India , the firm that built the eponymous UPI railing in the country , approved Paytm ’s program to participate in the payments ecosystem as a third - party program supplier . The licence wo n’t fix several of the perks Paytm savour before , but will allow the Noida - headquartered firm to operate likewise as Walmart ’s PhonePe and Alphabet ’s Google Pay .
The third - party software provider license will enable Paytm to offer payments through the UPI meshwork even as Paytm ’s parent business firm One97 Communications ’ banking unit of measurement — Paytm Payments Bank — isscheduled to cease operationson Friday .
The Reserve Bank of India ordered Paytm in late January to cease operation at Paytm Payments Bank , an affiliate of the financial service firm that processed a bulk of its transactions .
The move produce shockwaves through the industriousness , and also have in mind that Paytm want to procure the third - party software provider license to continue many of the Paytm app ’s operations . The RBI ’s order also wipe billions off Paytm ’s mart cap , cutting the firm ’s valuation by more than a one-half .
Axis , HDFC , State Bank of India and Yes Bank will serve as payment system supplier to the Paytm app , NPCI said Thursday . The companionship has also been counsel by NPCI to fill in migration for all existing grip and mandates to new PSP banks at the early .
India orders Paytm Payments Bank to halt clientele
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
“ YES Bank shall also be act as merchandiser acquiring money box for subsist and new UPI merchandiser for OCL . ‘ @Paytm ’ handle shall be airt to YES Bank , ” NPCI articulate in a statement .
The RBI set up NPCI , which get together with the state ’s loaner to build UPI in an attempt to make retail payments faster , more accessible and cost - effective . Individuals in India can transact with everybody else in the country by just using their virtual requital name and address .
The RBI had advised NPCI to fleetly supply the third - political party program provider licence , or TPAP , to Paytm to help mitigate disturbance for its customers .
