One 97 Communications owned digital payment firm Paytm, notified the stock exchanges on its successful integration of four banks for Unified Payments Interface-based payment services.

These four banks are namely the State Bank of India, Yes Bank, HDFC Bank, and Axis Bank are these four banks.

Upon the UPI manager, National Payments Corporation of India’s approval Paytm switched to a third-party payment (TPAP) mechanism with these four banks on March 14. Now customer migration can be commenced once the backend integration is complete.

The digital payments platform claimed that it received approval from the NPCI to start its user migration process, in which users of @paytm handles can now be transferred to these banks.

It is reported that all four banks are active on the TPAP for simplification of the procedure for Paytm to move customer accounts to them.

Prior to the change, Paytm banked on Paytm Payments Bank often for its settlement services.

To continue the payments business, Paytm was required to take its systems to other banks once the Reserve Bank of India commanded it to halt offering basic banking services by March 15.

The fintech company's UPI payment volumes have been declining even though it has now finished integrating with four big banks. Paytm handled 1.2 billion UPI payments in March, a minor decrease from 1.3 billion in February. As of right now, its market share on UPI is about nine percent.

Paytm's stock price has been declining since the regulatory action against its affiliated firm on January 31st. After reaching a 52-week high of Rs 998.30 on October 20, the shares closed at Rs 391.35 on the BSE on Tuesday. The Ram Navami celebration on Wednesday resulted in the closure of markets.