Paytm UPI: 5 Easy Steps to Set Up your Bank Accounts

In a recent development, Paytm Payments Bank has suspended its Paytm UPI and bill payment services in compliance with the directives of the Reserve Bank of India (RBI). However, users can still continue using UPI services on the Paytm app by linking their accounts from other banks. Paytm has been granted permission by the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and YES Bank will serve as Payment System Provider (PSP) banks to facilitate transactions on the Paytm platform.

To set up SBI, ICICI, HDFC, or any other bank account on Paytm UPI, users need to follow these 5 simple and easy steps:

1. Update your Paytm app and open it.
2. Tap on your profile icon located at the top left corner.
3. Go to ‘UPI & Payment Settings’.
4. Tap on ‘Add Bank Account’.
5. Select your preferred bank (SBI, HDFC, ICICI, PNB, etc.) and verify your account through the automatic process.

Once the setup is complete, users can start making and receiving payments through the Paytm app using their default UPI account. If you have multiple accounts linked to the Paytm app, you can also change the default bank account by accessing the ‘Profile’ section, selecting ‘UPI & Payment Settings’, tapping on the desired bank account, and setting it as the default option.

By following these steps, Paytm users can seamlessly continue their financial transactions and enjoy the convenience of UPI payments using their preferred bank accounts.

Note: The information provided is based on the article “Paytm UPI: How to set up SBI, ICICI, HDFC and other third-party bank accounts to send and receive payments” published on ET BFSI.

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