Four banks compete to acquire Paytm merchants
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Axis Bank, Canara Bank, Yes Bank, and Kotak Mahindra Bank are the leading contenders to take over merchant accounts of Paytm Payments Bank Ltd (PPBL). Approximately three crore merchants currently use mobile payments firm Paytm which is operated by One97 Communications Limited (OCL). The Reserve Bank of India (RBI) has permitted OCL merchants and Unified Payments Interface (UPI) users to keep using their handles, QR codes, and point-of-sale machines even after restrictions on PPBL come into effect on March 15.