Paytm Payments Bank can now issue payment mandates for IPOs as SEBI approves UPI handle

Traders will now be able to use Paytm’s UPI handle @Paytm to invest in capital markets through different brokerage platforms. Paytm Payments Bank on Monday announced that capital market regulator Securities and Exchange Board of India (SEBI) has approved its UPI handle to ‘payment mandates for IPO application’. Paytm Payments Bank had processed 340 million UPI transactions amounting to Rs 38,493 crore in February 2021 while PhonePe led the UPI tally with 975 million transactions followed by 827 million transactions recorded by Google Pay, as per NPCI data. However, Paytm had registered the lowest technical decline rate of 0.05 per cent in January 2021 among other UPI remitter banks.

“We believe that every Indian has a right to access capital markets and benefit from the burgeoning list of successful companies which are listing in the stock market. This presents a big opportunity,” Satish Gupta, MD & CEO – Paytm Payments Bank said in a statement.

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