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Banks need to scale up investment in strengthening the technology before launching products to ensure their platforms can handle volume without inconveniencing the customer. Repeated glitches will distance even the loyal customers from a bank and prompt them to look for better options
On April 17, One97 Communications Limited (OCL), which runs Paytm, started the customer migration to partner with payment service provider (PSP) banks Axis Bank, HDFC Bank, SBI and Yes Bank.
TECH TIPS News: NPCI authorizes Paytm to move users to new banks for UPI payments. OCL serves as TPAP. Paytm collaborates with Axis, HDFC, SBI, and YES. Users instruc
In February, Paytm saw its UPI market share decline to 11%, down from 11.8% in January, prior to the onset of the payments bank crisis.
Paytm users now have the option to purchase new FASTags from HDFC Bank directly through the app.