![Paytm has not listed any explicit steps on how to switch Paytm ID to a new bank. Paytm has not listed any explicit steps on how to switch Paytm ID to a new bank.](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=383)
Paytm has not listed any explicit steps on how to switch Paytm ID to a new bank.
Paytm users will have to change their UPI ID after RBI banned new credit to Paytm wallets.
Paytm has started migrating UPI customer IDs to other banks. The move comes after the Reserve Bank of India ruled that Paytm Payments Bank cannot receive new credit to customer accounts or Paytm wallets after March 15, 2024. Now, Paytm users will have to move their UPI ID with “@paytm” suffix. To another bank.
Following the RBI's ruling, the National Payments Corporation of India (NPCI) has granted Paytm Payments Bank's parent company One 97 Communications (OCL) permission to transfer customers' UPI payments to other banks.
NPCI has permitted OCL to work with partner banks to act as a Third Party Application Provider (TPAP). These partner banks are Axis Bank, HDFC Bank, State Bank of India (SBI) and YES Bank.
What is the new UPI handle?
There is no deadline for changing Paytm UPI ID. If a Paytm user decides to transfer their UPI ID, the “@paytm” suffix will be changed to the initials of the partner bank. The suffixes used by the four banks associated with Paytm are:
- SBI UPI handle: “@ptsbi”
- HDFC Bank UPI handle: “@pthdfc”
- Axis Bank UPI handle: “@ptaxis”
- Yes Bank UPI handle: “@ptyes”
Here's how to switch to the new UPI handle on Paytm.
Paytm has not listed any explicit steps on how to switch Paytm ID to a new bank. However, many Paytm UPI readers are already receiving an “Important UPI Notification” in the app, warning users to change their existing ID to one of the four partner banks.
To change UPI ID in Paytm, follow these simple steps:
- First, click on your Paytm profile icon and then go to ‘UPI and Payment Settings’. Here you will see your current Paytm UPI ID.
- Next to it is an “Edit” option.
- Click ‘Edit’ to access the ‘UPI ID Management’ page. Here you can select the option to activate your new UPI ID through another bank.
- Select your desired bank and click on the “Active” option.
- Your phone number will then be verified via SMS.
- After a few seconds, your new UPI ID will become your default UPI ID.