UPI Tips: Got a message to change @Paytm UPI handle? Know how to activate a new UPI ID on the app..
Those using the Paytm UPI service will have to change their @Paytm UPI handle. This is necessary due to the instructions of the Reserve Bank of India (RBI). Users have started receiving messages regarding this. Paytm Payments Bank is now offering UPI services through partner banks. After the approval, Paytm has done rapid integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank. Here we have explained how you can activate your new UPI ID on the Paytm app.
As per the instructions of the Reserve Bank of India, Paytm Payments Bank cannot accept credit in customer accounts and wallets after March 15, 2024. This requires taking additional steps for seamless digital payments using the @Paytm UPI handle. If you are using the @Paytm UPI handle, here are four important things to know about migrating your UPI handle. The National Payments Corporation of India (NPCI) has authorized Paytm's parent company One 97 Communications (OCL) to transfer its UPI payments to other banks.
In March, NPCI also allowed OCL to work as a third-party application provider (TPAP) as per the multi-bank model. This means that Paytm can now provide UPI services through partner banks. After NPCI's approval, Paytm has integrated with Axis Bank, HDFC Bank, SBI, and YES Bank.
In this way, existing UPI handles with @Paytm will be changed to new handles. These new handles include the SBI UPI handle, @ptsbi, HDFC Bank UPI handle, @pthdfc, Axis Bank UPI handle, @ptaxis, and Yes Bank UPI handle, @ptyes.
Paytm Payments Bank has stated that Yes Bank will also act as a merchant acquiring bank for existing and new UPI merchants. The @Paytm handle will be redirected to Yes Bank. This will allow existing users and merchants to continue UPI transactions and AutoPay mandates seamlessly.
The migration has begun
The company has started migrating users with @Paytm UPI handles to these new banks to ensure seamless UPI payments. All four banks are operating on TPAP. This has made it easier to transfer user accounts to these PSP banks. Some users have started receiving 'Important UPI alerts' on their app asking them to shift to the UPI handle of one of these four banks.
What do you need to do?
To switch to the new UPI handle on the Paytm app, simply click on UPI Update and follow the instructions here.
Step 1: Download the Paytm UPI mobile payment application.
Step 2: Enter your mobile number. For dual SIM phones, select the SIM slot with your mobile number.
Step 3: Verify your mobile number by sending an SMS from your number.
Step 4: Select your bank from the list and make sure it matches the mobile number registered with your bank. Your account details will be received.
Step 5: Set the UPI PIN if you are linking your bank for the first time. You will need your debit card details for this.
Step 6: Your bank account is now linked via UPI, and you are ready to make your first payment.
To change the default bank account in the Paytm app:
1. Tap 'UPI and payment settings' in the 'Profile menu'.
2. Tap the bank account you want to set as default.
3. Tap 'Set as default' and confirm by tapping 'Yes'.
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