Paytm has started shifting its UPI customer IDs to other banks. This move comes after the Reserve Bank of India ruled that Paytm Payments Bank cannot accept new credits into its customer accounts or Paytm wallets after March 15, 2024. Now Paytm users have to shift their UPI IDs that have the “@paytm” suffix to move to another bank.
Following RBI’s ruling, the National Payments Corporation of India (NPCI) authorised One 97 Communications (OCL), the parent company of Paytm Payments Bank, can transfer its customers’ UPI payments to other banks.
The NPCI allowed OCL to act as the Third-Party Application Provider (TPAP) in collaboration with its partner banks. These partner banks are Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.
What are the new UPI handles?
There is no deadline for changing one’s Paytm UPI ID. If the Paytm users decide to transfer their UPI IDs, their “@paytm” suffix will be changed with the partner bank’s initials. Here are the suffixes that four banks associated with Paytm use:
- SBI UPI handle: “@ptsbi”
- HDFC Bank UPI handle: “@pthdfc”
- Axis Bank UPI handle: “@ptaxis”
- Yes Bank UPI handle: “@ptyes”
Here’s how to switch to a new UPI handle on Paytm
Paytm has not listed explicit steps on how to transition the Paytm IDs to new banks. However, many Paytm UPI readers are already getting “Important UPI alerts” on their app, alerting the users to change their existing ID to one of the four partner banks.
To change your UPI ID on Paytm, follow these simple steps.
- First, click on your Paytm profile icon, then navigate to “UPI and Payments Settings”. Here, you’ll see your current Paytm UPI ID.
- Next to it, you’ll find an “Edit” option.
- Click on “Edit” to access the “Manage UPI ID” page. From there, you can select the option to activate a new UPI ID with a different bank.
- Choose your preferred bank and click on the “Active” option.
- Your phone number will then be verified via SMS.
- After a few seconds, your new UPI ID will become your primary UPI ID.
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