Paytm secures future payments with Axis Bank for seamless merchant settlements
To ensure continuity of settlements for merchants and minimal disruption for customers, via a new account Paytm partners with Axis Bank.
New Delhi: One 97 Communications Limited (OCL) which owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments, announced its partnership with Axis Bank, one of India’s largest private sector banks with distinct digital capabilities, to continue with swift and secure merchant settlements.
This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL’s wholly owned subsidiary has already been using the Axis Bank services, since its inception. Both OCL and PPSL are also in discussions with other banks to evaluate a second partner for nodal / escrow services.
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Consumer payments for merchant transactions are typically collected in a dedicated account. This arrangement enables Paytm to seamlessly transition its merchants’ settlements to Axis Bank, thereby facilitating business operations for the merchants.
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Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm’s mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.
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