Paytm Offers Rs100 Cashback on UPI Payments

Paytm Offers Rs100 Cashback on UPI Payments/Bloomberg

VoM News Desk | May 8, 2024 | 04:30 PM IST | Breaking News | Follow on Google News

Paytm Offers Rs100 Cashback on UPI Payments

Paytm Offers Rs100 Cashback on UPI Payments

Key Highlights:

1. Paytm introduces cashback offer of ₹100 on UPI payments through its app.
2. Approval from NPCI led to migration of users to new PSP bank handles.
3. Paytm founder announces successful migration of merchant customers to new PSP bank handles.

On May 3, Paytm, a leading online payment and financial services provider, unveiled a lucrative cashback offer of ₹100 on all UPI payments conducted through its app. The announcement, made on social media platform X, aims to incentivize users to utilize Paytm for their digital transactions.

This cashback initiative follows Paytm’s approval from the National Payment Corporation of India (NPCI) in March 2024 to transition users to new Payment System Provider (PSP) bank handles swiftly. With this approval, Paytm initiated the integration process with four major banks: Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. These banks now serve as active participants on the Third-Party Application Provider (TPAP) platform, ensuring a seamless transition for Paytm users.

Founder Vijay Shekhar Sharma announced the successful migration of merchant customers to the new PSP bank handles on April 22. During a virtual press conference, Sharma highlighted Yes Bank’s role as one of the PSP banks, emphasizing its authority to conduct further due diligence on the merchants post-migration.

Under the new procedure, Paytm users will be redirected to PSP banks like Axis Bank, HDFC Bank, SBI, and Yes Bank for their transactions. This migration underscores Paytm’s commitment to compliance, as evidenced by Sharma’s resignation from his positions at Paytm Payments Bank in February, in adherence to RBI directives. The restructuring of the bank’s board reflects Paytm’s dedication to regulatory compliance and governance.

Source: Mint

VoM News Desk

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