Your Paytm UPI ID will change soon! 5 Things to Do

This year on January 31st, RBI released a press release announcing a ban on Paytm Payments Bank. The ban included Paytm wallet, FASTags, NCMC cards and more. While several features of the PPBL were affected, not many knew that a Paytm UPI ID handle would be one of them. Yes, your Paytm UPI ID will soon change to a new UPI ID handle. Paytm has finally received a nod from NPCI for the migration of UPI IDs of old users. This means if you have a Paytm UPI ID such as “xxxxxxxxxx@paytm” it will soon be changed. This also means that you will have to update your new Paytm UPI ID in all your systematic investments such as mutual funds, monthly/yearly subscriptions, etc.

Here’s all you need to know about the Paytm UPI ID change and what you can do:

While Paytm’s alleged dream of operating as a small bank was crushed by RBI upon its ban, it's not a complete sunset for the Indian unicorn fintech company yet. NPCI allowed OCL (One97 Communications Limited) to operate as a TPAP or Third Party Application Provider which means Paytm can still offer its UPI services through its partner banks.

Paytm TPAP partnering banks:

1. Axis Bank

2. SBI Bank

3. HDFC Bank

4. Yes Bank

All of these 4 banks are now operational said Paytm in a stock filing exchange. These are the 4 banks that would help Paytm as a TPAP to streamline the process of migrating old Paytm users' Paytm UPI ID handle to a new one.

When RBI in February 2024 had put a halt on PPBL, it also meant that your Paytm UPI ID would stop working soon. Why? If your Paytm UPI ID ends with “@paytm” it simply means that it is linked to the Paytm Payments Bank Limited which is against the ban of RBI. Your UPI ID in GPay or any other UPI app would most likely be based on a partnering bank for example “@okhdfcbank” “@ybl” which was not the case with Paytm (at least for the old users)

Hence, if your Paytm UPI ID ends with a Paytm extension, your UPI ID on Paytm will soon stop working & will be migrated.

1. You will likely receive a pop-up asking for your consent to migrate your UPI ID ending with “@paytm” to “@ptsbi” “@pthdfc” “@ptaxis” “@ptyes” Choose anyone and confirm.

2. Once your old Paytm UPI ID is barred & you have received your new Paytm UPI ID, update it in any of your autopay subscriptions or investments (utility bill payments, possible EMI payments, SIP, etc)

3. If you are a merchant, be sure to update your QR Scanner barcode along with your new Paytm UPI ID

4. If you are a retail customer, be sure to check and update your UPI ID for fund transfers (for example, if you are going to receive rent payment, etc)

5. Once your UPI ID is migrated, check by verifying it with a small payment to avoid any errors
   

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