Mumbai: One97 Communications, the operator of the Paytm brand, along with private sector banks HDFC Bank and Yes Bank jointly submitted an application to become a third-party application provider (TPAP) for the Unified Payments Interface (UPI) mobile payments platform under the National Payments Corporation of India (NPCI).

Earlier, Axis Bank had filed a joint application to act as a TPAP.

Over the last few days, all three banks have engaged in discussions with the NPCI, the regulatory body overseeing UPI.

NPCI is expected to fast-track the approval process to ensure a smooth experience for customers using the Paytm app for UPI transactions. On February 23, the RBI announced plans for a seamless migration of customers and merchants with '@paytm' handles from PPBL to a new set of designated banks to prevent any disruptions.