Homegrown 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 will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted.
The National Payments Corporation of India (NPCI) announced Wallet interoperability guidelines on March 24.
“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,” a Paytm Payments Bank Spokesperson said in a statement.
From now on, the company said that 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 payments 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.
Paytm Payments Bank is the leader in acquiring UPI payment merchants.
Moreover, the company mentioned, it has been 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, the Bank is the first payments bank to launch UPI LITE.
