Domestic Paytm Payments Bank (PPBL), the largest issuer of KYC wallets (prepaid instruments) with over 100 million users, on Monday announced that its Full KYC Wallet customers can access every UPI QR code and online merchant where UPI payments are made, Will be able to pay. Accepted.
The National Payments Corporation of India (NPCI) announced the Wallet Interoperability Guidelines on 24 March.
“As a pioneer of mobile payments and QR based payments, this move presents incredible growth opportunities for India’s payments ecosystem. In line with RBI’s mission of making ‘every payment digital’, we are the largest acquirer for UPI merchant payments,” Paytm Payments Bank spokesperson said in a statement.
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.
The bank will pay a 15 bps fee for adding more than Rs 2,000 using UPI, and will, in turn, earn 15 bps when another wallet uses the bank to add more than Rs 2,000 using UPI.
Paytm Payments Bank is a pioneer in acquiring UPI payment merchants.
Furthermore, the company mentioned, 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 foster innovation, the bank is the first payments bank to launch UPI LITE.
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