- Paytm Payments Bank welcomes the recent NPCI circular, which announces full interoperability of KYC wallets (pre-paid instruments) on all UPI merchants in offline stores and online apps/websites
- The Bank will earn additional interchange revenue from merchants acquired by other payment service providers (PSP), payment gateways (PG) and payment aggregators (PA).
- The Bank will pay 15 bps of charges for adding more than ₹2,000, and in turn, will also earn 15 bps when any other wallets use our Bank to add more than ₹2,000
Our associate Paytm Payments Bank (PPBL), the largest issuer of KYC wallets (prepaid instruments) with over 100 million users, has announced that our full KYC wallet customers will soon be available to make payments on every UPI QR code and online merchant where UPI payments are accepted.
The NPCI announced Wallet interoperability guidelines on March 24, 2023.
From now on, the Bank will earn 1.1% interchange revenue when our wallet customers (i.e., the KYC wallets issued by our associate Bank) make payments on merchants acquired by other payment aggregators or banks.
The Bank will pay 15 bps of charges for adding more than ₹2,000 using UPI, and in turn, will also earn 15 bps when any other wallets use our bank to add more than ₹2,000 using UPI.
“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.”
– Paytm Payments Bank Spokesperson said
Paytm Payments Bank is the leader in acquiring UPI payment merchants. It is also the top UPI beneficiary bank for 21 months in a row and registered 1,657.41 million transactions in February 2023. As a part of its efforts to drive innovation, our Bank is also the first payments bank to launch UPI LITE.
