Paytm shares were up early on Thursday after the National Payments Corporation of India (NPCI) authorized One97 Communications (OCL), the parent company of Paytm, to begin transferring users to new payment service provider (PSP) banks.

What Happened: This decision comes more than a month after the NPCI granted Paytm the status of a third-party application provider (TPAP) on the Unified Payments Interface (UPI) system.

State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank are now operational as PSPs for Paytm, streamlining the process of shifting Paytm user accounts to these banks, according to a release from OCL.

Paytm users with the @Paytm UPI handle can now create new virtual payment addresses (VPAs) with these partner PSP banks.

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Additionally, Paytm’s parent company has initiated the transition of ‘@paytm’ handle users to these four PSP banks, operating under a multi-bank model. Last month, the NPCI urged Paytm to expedite the migration of all existing handles and mandates to new PSP banks.

In February, the Reserve Bank of India (RBI) encouraged NPCI to consider Paytm’s request to function as a TPAP for continued UPI operations.

A PSP bank links customers’ bank accounts to their UPI IDs and can operate through its app or a TPAP. In India, which NPCI governs, there are 24 operational TPAPs including major names like Amazon Pay, PhonePe, and Google Pay, supported by various banks.

Price Action: One 97 Communications Ltd. shares were up 2.33% at ₹400.45 on Thursday at market open.

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