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The surrender of the payments licenses comes even as Tata Digital says it is sharpening its focus on financial services.
The move comes less than three months after the Reserve Bank of India formally cancelled Paytm Payments Bank's licence.
The clarification comes after some users received notifications stating that wallets inactive for more than 12 months could attract a maintenance charge of up to Rs 100 per quarter.
Paytm had applied to the Central Bank of the UAE for two licences — one covering acquiring and domestic payments, and another for a wallet-type product.
The RBI said, in an order dated September 10, 2025, a penalty was imposed on PhonePe for non-compliance with certain norms related to PPIs.
The fintech company has also elevated Dhruv Wadhera as Senior Vice President (SVP), Offline Payments.
Currently, UPI payments from/to a bank account can be carried out using the UPI application of that bank or of any third-party application provider.
