The National Payments Corp of India (NPCI) is likely to approve a third-party application provider (TPAP) license for Paytm, formally known as One 97 Communications, by March 15, three sources directly aware of the development said on Tuesday.
The third-party application provider license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), even as its banking arm, Paytm Payments Bank, ceases operations by March 15, following regulatory action due to issues of non-compliance.
UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks.