Paytm Wallet: Paytm Payments Bank (PPBL) has announced that its Full KYC Wallet customers will now be able to make payments at every UPI QR code and online merchant where UPI payments are accepted.
Paytm Wallet: The country’s leader in digital payments and the largest domestic issuer of KYC Wallet (PPIs- Prepaid Payment Instruments) with over 100 million users, Paytm Payments Bank (PPBL) has announced that its Full KYC Wallet customers can now be able to make payments at every UPI QR code and online merchant where UPI payments are accepted.
The National Payments Corporation of India (NPCI) announced the Wallet Interoperability Guidelines on March 24, 2023. In a statement, a Paytm Payments Bank spokesperson said, “As a pioneer of mobile payments and QR-based payments, this move is creating incredible growth opportunities for India’s payments ecosystem. In line with our mission, we are the largest acquirer for UPI merchant payments.”
Bank will get a surcharge
From now on, the company said that when Paytm Wallet customers (i.e., KYC wallets issued by Paytm Payments Bank) make payments at merchants acquired by other payment aggregators or banks, the bank will earn 1.1 percent interchange revenue. When another wallet uses the bank to add more than Rs.2,000 using UPI, the bank will pay a fee of 15 bps for adding more than Rs.2,000 using UPI and in return, will earn 15 bps.
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Furthermore, the company also mentioned that it has been the top UPI beneficiary bank for 21 consecutive months and recorded 1,657.41 million transactions in February 2023. As part of its efforts to promote initiatives, the bank is the first payments bank to launch UPI Lite.
NPCI issued a statement today
NPCI said today that the old system on payment from UPI remains as it is, there is no change in this payment system. There is still no charge on payments up to ₹ 2000. That is, there is no charge on the payment made from the bank account to any other bank account. But the merchant will have to pay a charge on UPI payments made through pre-paid wallets. This will not affect the customer as the number of such transactions is less than 1%. NPCI said that UPI is free, fast, secure, and seamless. Every month, 8 billion transactions are processed for customers and merchants through bank accounts, which are absolutely free.