Paytm jumps over 3.30% after NPCI's nod to start user migration to new PSP bank handles

Paytm Share Price: One97 Communications Ltd, the parent company of Paytm, jumped by over 3.30 per cent on BSE on Thursday (April 18, 2024) a day after it received the go-ahead from NPCI to start the user migration to new Payment System Provider (PSP) bank handles immediately.

The stock that closed at Rs 391.35 on Wednesday started Thursday's session at Rs 400.45.

The stock rose by 3.37 per cent to the day's high of Rs 404.55. Its day's low, however, is Rs 389.55.

The Paytm shares were trading flat at Rs 391.40 each at 10:44 am on Thursday.

NPCI approval

One97 Communications Ltd said on Wednesday that following NPCI's approval on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the multi payment service provider API model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. 

"All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks," It said.

"The company has started transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments."