NEW DELHI: In an official statement, fintech company Paytm on Wednesday informed that it is actively collaborating with its banking partners to ensure a smooth transition to its new Unified Payments Interface (UPI) platform for merchants and consumers alike.

Amid dynamic market challenges, the company said it remains resilient, steadfast in its commitment to fortify the UPI ecosystem and expand financial inclusion across India.

A Paytm spokesperson said, "We are collaborating with our banking partners to facilitate the migration of both merchants and consumers, which is progressing steadily. Our core business model focuses on acquiring consumers and merchants and offering them a range of financial services."

"With new payment partnerships with leading banks and financial institutions, we have expanded opportunities to enhance our services. We are committed to growing the UPI ecosystem in partnership with NPCI, extending it to every nook and corner of India," the spokesperson added.

This transition period is essential to ensure compliance with regulatory guidelines and to seamlessly transition existing users to new UPI handles.

Recognizing the vital role of UPI in India's digital economy, Paytm said it remains committed to maintaining its market share and fostering a competitive ecosystem.

Despite temporary constraints on new customer onboarding, Paytm affirms its status as a preferred mobile payments platform among users and is actively taking significant steps to broaden its market presence.

To empower its wallet users, Paytm said it has enabled small-value payments through the UPI Lite feature on its app. UPI Lite not only speeds up processing times but also keeps bank statements clutter-free, making it easier and quicker for users to handle transactions up to a maximum limit of Rs 500 per transaction.

Additionally, the company is focusing on integrating RuPay Credit Cards on UPI. This initiative will allow customers to more frequently use their credit cards while benefiting merchants by increasing consumption and expanding their participation in the credit ecosystem through the acceptance of credit card payments.

According to the Company's statement, as Paytm looks ahead it remains focused on its mission to empower millions of Indians with convenient and secure digital payment solutions.

The Company said, by fostering collaboration with banking partners and prioritizing customer satisfaction, Paytm is poised to emerge stronger from this transitional phase, reaffirming its position as a trailblazer in India's digital payments revolution.