Merchant & QR
What is PSP?
Payment Service Provider · पेमेंट सर्विस प्रोवाइडर
The bank or entity whose @handle issued your VPA and routes your UPI payments.
Every UPI ID ends with a PSP handle: @okaxis (Axis Bank), @ybl (Yes Bank — the engine behind PhonePe), @ibl (ICICI), @paytm (Paytm Payments Bank). The PSP connects your VPA to the account you linked and guarantees delivery of instructions into the banking system.
Third-party apps like PhonePe and Google Pay operate as TPAPs — they build the experience while a partner bank plays PSP. This is why switching phones never changes your VPA, but closing the underlying bank account does.
PSP: quick answers
My PSP bank had issues — are my payments stuck?
Outages affect only that handle temporarily; other apps/handles keep working, another argument for keeping two UPI apps installed.
Does the PSP hold my money?
No — funds move account-to-account through NPCI rails; PSPs merely address and route them.
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