India’s troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said.
The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app.
UPI is India’s real-time payments system, operated by the National Payments Corporation of India (NPCI), that allows users to transfer money across banks.
The Reserve Bank of India (RBI), last week, asked the NPCI to examine a request from Paytm to become a third party application provider and to facilitate four-to-five banks to act as service providers for it.
