Great news for Paytm users in India! The popular digital payments platform has secured a crucial third-party application provider (TPAP) license from the country's payments authority. This ensures a smooth transition for users even as Paytm Payments Bank ceases operations on March 15th.

The TPAP license allows Paytm to continue facilitating payments through India's widely used Unified Payment Interface (UPI). This means you can keep using the Paytm app for seamless money transfers and other UPI transactions. Major banks like Axis Bank, HDFC Bank, SBI, and Yes Bank will act as Paytm's partner banks for these transactions. Yes Bank will also handle onboarding new UPI merchants for the platform.

This is a significant development for India's digital payments landscape. Paytm is a major player in the UPI ecosystem, processing billions of transactions every month. With the TPAP license in place, users can continue leveraging the convenience and security of Paytm for their everyday financial needs. It's also worth noting that Paytm is actively migrating existing user accounts to ensure a disruption-free experience.