One97 Communications (OCL) has partnered 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 (PPSL), OCL’s wholly owned subsidiary has already been using the Axis Bank services, since its inception. 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. Both OCL and PPSL are also in discussions with other banks to evaluate a second partner for nodal / escrow services.
One97 Communications (Paytm) is India's leading digital ecosystem for consumers as well as merchants.
