One 97 Communications Ltd partners with Axis Bank for Escrow Account to continue seamless merchant settlements

Ensures continuity of settlements for merchants and minimal disruption for customers, via a new account with Axis Bank.

One 97 Communications Limited (OCL) that 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.

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.

Source : Equity Bulls

Keywords

One97Communications Paytm QRCode MobilePayments Partnership AxisBank