Paytm Offers ₹100 Cashback For UPI Users Amid PSP Bank Transition 

Fintech platform Paytm has said that it will be providing Rs 100 cash back for all UPI payments that are made through the app. 

Taking to X (formerly Twitter), the firm said, "Paytm is India’s favorite payment app! Now, with the power of four banks, Get assured Rs 100 cashback on UPI payments using the Paytm app." Recently, the National Payment Corporation of India (NPCI) allowed One97 Communications (parent of Paytm) to migrate its users to the new payment service provider's bank handles. The NPCI recently allowed Paytm to act as a third-party application provider. 

The four banks that will act as payment service providers include the State Bank of India, Axis Bank, HDFC, and Yes Bank. As per a release by Paytm, "All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks." 

On April 22, Paytm's Vijay Shekhar Sharma said that the migration of merchant customer accounts to UPI handles from Paytm has been completed. Sharma said, "After we received the approval from the National Payments Corporation of India (NPCI), the migration of customer accounts is complete." 

Meanwhile, Bhavesh Gupta, President and Chief Operating Officer of the company, recently resigned from the post on May 4, citing personal reasons. In the resignation letter, Gupta wrote, "I will be unable to continue as President and COO and am resigning effective the close of business hours on May 31, 2024, and request to be relieved accordingly." Gupta said that he will continue to support the organization in his capacity as an advisor in the CEO office. Rakesh Gupta has been appointed as the new CEO of Paytm Money. Varun Sridhar, the existing CEO of the company, has been appointed as the Chief Executive Officer of Paytm Services Private Limited (PSPL).