Paytm Payments Bank has stopped offering services to its customers, as per Reserve Bank of India’s guidelines and already started the migration process to another bank account. For payments and other financial solutions, Paytm has allowed users to switch to another bank to continue using the services on their payment app, including UPI.
That said, the National Payments Corporation of India (NPCI) has already allowed One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
To offer its services, four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) will act as PSP (Payment System Provider) banks to OCL. Also, YES Bank will act as merchant acquiring bank for existing and new UPI merchants for OCL.
That said, users can now update their bank details within the Paytm app and also update their default bank account for receiving and sending payments via UPI.
Wondering how to change your default bank account on Paytm, follow our step-by-step guide:
But, before this make sure to add a third-party bank account in the Paytm app.
That said, the National Payments Corporation of India (NPCI) has already allowed One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
To offer its services, four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) will act as PSP (Payment System Provider) banks to OCL. Also, YES Bank will act as merchant acquiring bank for existing and new UPI merchants for OCL.
That said, users can now update their bank details within the Paytm app and also update their default bank account for receiving and sending payments via UPI.
Wondering how to change your default bank account on Paytm, follow our step-by-step guide:
But, before this make sure to add a third-party bank account in the Paytm app.
- Open Paytm app on your smartphone
- Tap on ‘Profile menu’ and tap on ‘UPI & Payments Settings’
- Select Bank account option
- Choose the bank account you need to set as the default Bank account on the app
- Tap on ‘Set as default’ option
- Confirm the selection by tapping on ‘Yes’ when promoted.
That’s it! Paytm app can now continue receiving and sending UPI payments via the selected default bank account instead of Paytm Payments Bank.
end of article
Alex Mitchell is your go-to expert for all things mobile. With a passion for the latest smartphones, apps, and mobile innovations, Alex provides in-depth reviews, insightful analyses, and breaking news about the ever-evolving world of mobile technology. Stay connected with Alex to navigate the fast-paced realm of mobile devices.