Paytm and Axis Bank to partner for UPI payments

Paytm is one of India’s largest digital payment platforms with over 300 million users. However, it has faced some issues recently regarding its payments business.

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Paytm and Axis Bank to partner for UPI payments

Paytm is one of India’s largest digital payment platforms with over 300 million users. However, it has faced some issues recently regarding its payments business.

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The Reserve Bank of India (RBI) placed restrictions on Paytm’s banking arm – Paytm Payments Bank (PPBL) last year.

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This affected how Paytm could process transactions made through the Unified Payments Interface (UPI) system.

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UPI is a system that allows people to transfer money between bank accounts instantly using just a mobile number.

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Many digital payment apps like Google Pay, PhonePe etc. use UPI to power their transactions.

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So far, Paytm was able to use its own payments bank PPBL for this purpose. But with the RBI restrictions, it needed to find another banking partner.

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