Paytm Gets Green Light for New UPI Users

In a significant development, Paytm has secured approval from the National Payments Corporation of India (NPCI) to onboard new UPI users. This comes after compliance with regulatory procedures. The approval, subject to NPCI guidelines and a tri-partite agreement, follows an earlier halt directed by the RBI.

Paytm has received the go-ahead from the National Payments Corporation of India (NPCI) to onboard new UPI users, a move poised to bolster the company's foothold in the digital payments space. The approval demands strict compliance with NPCI's procedural guidelines and circulars.

The authorization allows Paytm's parent company, One97 Communications, to proceed with onboarding while adhering to a tri-partite agreement with NPCI and PSP banks. This development comes after a pause due to regulatory directions issued by the RBI earlier this year.

Paytm must comply with various laws, including the Payments and Settlement Act, Information Technology Act, and recent data protection regulations. This approval marks an important milestone for the fintech giant as it navigates a complex regulatory environment.

(With inputs from agencies.)