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SBI partnered with One97 Communications for UPI Transactions

Published on March 15, 2024
Current Context: The State Bank of India (SBI) has entered into a strategic partnership with One97 Communications, the parent company of Paytm, for its UPI payments on 14th March 2024.
SBI partnered with One97 Communications for UPI Transactions
  • This partnership comes as a significant move to ensure uninterrupted payment services for Paytm users.
  • The National Payments Corporation of India (NPCI) has approved One97 Communications Limited to continue Unified Payments Interface (UPI) transactions through four banks - State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank.
  • This decision comes as a relief for Paytm users, as the Reserve Bank of India’s (RBI) deadline of March 15 was looming, barring Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in customer accounts.
  • Under the new arrangement, NPCI has approved One97 Communications to participate in UPI as a Third-Party Application Provider (TPAP) under a multi-bank model.
  • The four designated banks will act as Payment System Provider (PSP) banks to One97 Communications, ensuring continuity in UPI transactions for Paytm users.
  • Additionally, YES Bank will serve as the merchant acquiring bank for existing and new UPI merchants for One97 Communications.
  • This partnership is expected to ensure a seamless transition and minimize disruptions, thereby maintaining the trust and confidence of Paytm customers.

Question:

Q.1 Who has the State Bank of India (SBI) entered into a strategic partnership with for UPI payments?
a. One97 Communications
b. HDFC Bank
c. Axis Bank
d. YES Bank
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