Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country’s payments authority, which will enable it to facilitate payments after its banking unit ceases operations.
The license will allow customers to continue using the Paytm app for payments through India’s popular unified payment interface (UPI), after Paytm Payments Bank ceases operations by March 15, following regulatory action due to non-compliance with certain norms.
Axis Bank, HDFC Bank, State Bank of India and Yes Bank will act as payment system provider banks to Paytm, the National Payments Corporation of India (NPCI) said in a statement.
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