Paytm Payments Bank (PPBL), announced that its full KYC wallet customers will be able to make payments on every UPI QR code and online merchant where UPI (unified payment interface) payments are accepted.
The National Payments Corporation of India (NPCI) announced Wallet interoperability guidelines on March 24, 2023.
From now on, the Bank will earn 1.1 per cent interchange revenue when Paytm Wallet customers (i.e., the KYC wallets issued by Paytm Payments Bank) make payment on merchants acquired by other payment aggregators or banks.
The Bank will pay 15 bps of charges for adding more than Rs 2,000 using UPI, and in turn, will also earn 15 bps when any other wallets use the bank to add more than Rs 2,000 using UPI.
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“We welcome NPCI’s interoperability guidelines that allows Paytm Wallet to be used in every nook and corner of the country. This is in line with our mission to bring mobile payments to every Indian everywhere. As the pioneer of mobile payments and QR based payments, this move presents incredible growth opportunities for India’s payment ecosystem. In line with RBI’s mission of making ‘Har Payment Digital’, we are the largest acquirer for UPI merchant payments,” said Paytm Payments Bank Spokesperson.
Paytm Payments Bank has registered 1,657.41 million transactions in february 2023 and it is the first payments bank to launch UPI LITE.
