• India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
More
InspirationalCareerBengaluruDelhiMumbai
Hindi Tamil Telugu
More
In the news
Narendra Modi
Amit Shah
Box Office Collection
Bharatiya Janata Party (BJP)
OTT releases
Hindi Tamil Telugu
User Placeholder

Hi,

Logout

India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
Home / News / Business News / Paytm Wallet now acceptable on all UPI QRs, online merchants
Next Article
Paytm Wallet now acceptable on all UPI QRs, online merchants
Paytm Wallet can be used for all UPI transactions (Photo credit: Paytm)

Paytm Wallet now acceptable on all UPI QRs, online merchants

By Athik Saleh
Mar 28, 2023
03:22 pm

What's the story

The National Payments Corporation of India (NPCI) announced wallet interoperability guidelines on Friday (March 24), paving the way for significantly improving the importance of wallets.

Now, Paytm Payments Bank (PPBL) has announced that its full KYC customers will be able to make payments on all Unified Payment Interface (UPI) QR codes as well as online merchants where UPI is accepted.

Context

Why does this story matter?

Wallet interoperability is expected to be a huge boost for UPI transactions in India. It will allow prepaid payment instrument (PPI) issuers to settle UPI transactions.

Notably, PPBL is India's largest issuer of KYC wallets, with over 100 million users. Therefore, this move will greatly boost Paytm's UPI aspirations, as it trails both PhonePe and Google Pay in UPI transactions.

You're
20%
through

Interoperability

PPBL will earn 1.1% as interchange revenue

Using Paytm Wallet to make payments to merchants on other payment aggregators or banks will lead to an interchange revenue. PPBL will earn 1.1% of transactions in such cases.

When someone adds more than Rs. 2,000 via UPI, PPBL will pay 0.15% of the amount as a charge. If someone uses PPBL to add over Rs. 2,000 to another wallet, PPBL will earn 0.15%.

You're
40%
through

Official words

NPCI's guidelines allow Paytm Wallet to be used everywhere: PPBL

"We welcome NPCI's interoperability guidelines that allow Paytm Wallet to be used in every nook and corner of the country," PPBL's spokesperson said.

"As the pioneer of mobile payments and QR-based payments, this move presents incredible growth opportunities for India's payment ecosystem," they added.

"In line with RBI's mission of making 'Har Payment Digital,' we are the largest acquirer for UPI merchant payments."

You're
60%
through

Information

PPBL, largest UPI beneficiary bank in India

PPBL is India's largest beneficiary of UPI payments. According to the bank, it has retained the position for 21 consecutive months. In February 2023 alone, it registered 1,657.41 million transactions. The addition of its wallet to the equation will further enhance this number.

You're
80%
through

Analysts

Morgan Stanley, Citi have high hopes for PPBL

Morgan Stanley and Citi said wallet interoperability opens new revenue avenues for PPBL.

"If well adopted by Paytm wallet users/merchants, the benefit could be meaningful, as Paytm Payments Bank is the largest issuer of KYC wallets with over 100M users," Morgan Stanley said in a report.

Citi has maintained Paytm's "buy" rating, as it believes interoperability improves the salience of wallets.

Done!
Facebook
Whatsapp
Twitter
Linkedin
Related News
Latest
Paytm
National Payments Corporation of India
Unified Payments Interface (UPI)

Latest

Decoding SRH's highest team totals vs RCB in IPL Ishan Kishan
'Drank a lot...battled loneliness': Vindu Dara Singh remembers Mukul Dev Celebrity
CBFC approves 'Dhadak 2' after 16 cuts, modifies caste references  Central Board of Film Certification
Counter-Strike maker to launch a brain chip later this year Neuralink

Paytm

Soon, Google Pay will let you invest in 24k gold India
Soon, Paytm will let you invest in shares: Here's how India
Now, invest in 24-karat gold on Google Pay: Here's how India
Paytm launches first-ever credit card: Here's how you can apply India

National Payments Corporation of India

BHIM cash back scheme extended for merchants till March India
Google to launch digital payment service in India next week? India
Google Tez UPI-based payments app: All you need to know India
Soon, transfer money from Paytm to MobiKwik and other wallets! Paytm

Unified Payments Interface (UPI)

Going cashless to support "Digital India" India
Uber, Amazon, Google: Big players taking to UPI India
Independence Day: Government to give higher cashbacks to BHIM users India
HDFC becomes the first bank in India to launch DigiPOS India
Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin
All rights reserved © NewsBytes 2025