- NPCI announces KYC wallet interoperability on March 24
- The Bank will pay 15 bps of charges for adding more than ₹2,000 using UPI
NE BUSINESS BUREAU
AHMEDABAD, MAR 29
Paytm Payments Bank (PPBL), the largest issuer of KYC wallets (prepaid instruments) with over 100 million users, on Wednesday announced that its full KYC wallet customers will be able 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 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 ₹2,000 using UPI, and in turn will also earn 15 bps when any other wallets use the bank to add more than ₹2,000 using UPI.
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 has registered 1,657.41 million transactions in February 2023. As a part of its efforts to drive innovation, the Bank is the first payments bank to launch UPI LITE.
