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Time of India
4 hours ago
- Time of India
ICICI's UPI fee to pinch fintechs
MUMBAI: Payment aggregators are feeling the pinch as ICICI Bank has now started charging them for processing purchases made using UPI,Fintechs that route transactions through the bank must now factor in new charges, intensifying the debate on the long-term viability of free digital payments. Payment aggregators with escrow accounts at ICICI will be charged two paise per Rs 100 processed, capped at Rs 6 per transaction. Those without such accounts will pay double - with a Rs 10 cap. Merchants who settle directly into ICICI Bank accounts will continue to receive UPI services at no cost. Firms such as Razorpay, PayU, Pine Labs, Innoviti and Worldline operate at the interface between large retailers and customers, enabling acceptance of card, wallet and UPI payments, Collecting merchant discount rates on card payments and a platform fee on UPI,while relying on partner banks to access the payments infrastructure. Under the UPI framework, banks provide identification, process transactions and absorb the cost of scale. With UPI volumes climbing, some banks have grown wary of bearing backend expenses of processing transactions without direct returns, particularly as both merchants and consumers pay nothing for the service. According to payment aggregators, at least two other private banks - Axis Bank and Yes Bank impose similar charges, indicating a broader shift in approach. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nongso-myeon: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Govt has maintained that UPI is a public good and must remain free for users and small merchants. However, over 1,900 crore transactions worth Rs 25 lakh crore in a single month have added financial strain. Aggregators, caught between rising bank charges and regulatory expectations, have avoided passing on costs to merchants, choosing instead to subsidise UPI from other income streams. The principle of free payments is under scrutiny. RBI governor Sanjay Malhotra said UPI needs to be sustainable and that "someone will have to bear the cost" of running the system. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
18 hours ago
- Time of India
UPI gets stricter from August 1: What happens if you check balance too many times or miss autopay timing?
Starting August 1, 2025, a new set of UPI rules issued by the National Payments Corporation of India (NPCI) have come into effect. These rules will impact how users interact with UPI apps like Google Pay, PhonePe, Paytm, and others. From limits on balance checks to revised autopay timings, these changes are designed to reduce system load, increase efficiency, and improve fraud protection—without affecting users who follow the guidelines. Balance checks, bank views now have limits As per the new rules, users can now check their bank balance only 50 times a day through their UPI apps. The move is aimed at easing traffic on UPI servers during busy hours. However, to make things smoother, the balance will now be shown automatically after each transaction. Users can also view the list of banks linked to their mobile number, but that access too is limited—now capped at 25 times per day. These requests must be initiated after selecting the bank within the UPI app. From August 1, ICICI Bank will charge payment aggregators (PAs) a small fee for handling UPI transactions on merchant platforms. Charges vary based on whether the PA has an escrow account with the bank. Banks are doing this to recover tech costs since UPI transactions don't… New rules for autopay and transaction timing To ease pressure on the UPI infrastructure during peak hours, auto payments such as OTT subscriptions or scheduled bill payments will now be processed only during non-peak windows before 10 am, between 1 pm to 5 pm, or after 9:30 pm. If an autopay is scheduled during a peak time, it will either go through earlier or later. Multiple retries will be allowed in case of failure, after which the auto payment will be cancelled. 5 New UPI rules kick in todayThe National Payments Corporation of India is set to implement the following changes to the Unified Payments Interface (UPI) from Friday, August 1.#upi #npci #gpay #PhonePe #Paytm More…. Pending transactions and status checks One of the most common UPI issues, transactions stuck in pending status—is also being addressed. Starting August 1, such transactions will be updated quickly instead of showing as pending for long durations. However, users can now check the status of a pending transaction only three times, with a gap of 90 seconds between each attempt. This is expected to reduce server congestion and improve transaction efficiency. Names before transactions, and NPCI penalty clauses To curb accidental transfers and fraud, UPI apps will now show the recipient's registered name and transaction ID before any money is sent. This allows users to confirm they're transferring to the correct person. The NPCI has also warned that failure to follow the new rules could result in penalties, including restrictions on API access, suspension of new user onboarding, or other action as required. The new rules aim to streamline UPI usage, improve reliability, and offer more clarity to users without disrupting genuine transactions. To stay updated on the stories that are going viral follow Indiatimes Trending.
Mint
18 hours ago
- Mint
ICICI Bank to charge Google Pay, Phone Pe & other payment aggregators for UPI transactions: What it means for users
Starting August 1, private sector lender ICICI Bank will start charging payment aggregators (PAs) a fee for handling Unified Payments Interface (UPI) transactions that these PAs facilitate on merchant platforms, reported Business Standard. For the unversed, PAs act as intermediaries between banks and merchants as they simplify the payment process by pooling funds and settling them with the merchant. These include Google Pay, PhonePe, Mobikwik and Razorpay, among others. The bank has reportedly sent letters to payment aggregators intimating them of this decision. Quoting a source familiar with the development, BS reported that the bank will charge PAs that maintain an escrow account with the bank 2 basis points (bps) per transaction, capped at ₹ 6. For PAs that do not have an escrow account with the bank, the charge will be 4 bps, capped at ₹ 10 per transaction. However, the bank will not levy any charges on PAs if the UPI transactions are settled directly into an ICICI Bank account held by the merchant, as the bank will have the opportunity to earn a float on these funds. 'If you look at the RBI governor's recent statement on charging for UPI, banks may have taken a hint from that statement while rolling out pricing for PAs. From a bank's perspective, they have invested in the technology, costs surrounding the UPI switch, issuing and acquiring side,' an executive at a payments company said. Yes Bank and Axis Bank are among other private sector banks that charge PAs for UPI payments, the executive added. The top three players in the UPI set up are Yes Bank, Axis Bank, and ICICI Bank, from the payer as well as the payee side. According to experts, with the volume of UPI transactions rising significantly, especially in the peer-to-merchant (P2M) segment, banks are compelled to invest considerably in infrastructure to support the spike. But since there is no merchant discount rate (MDR) levied on UPI transactions, the ecosystem brings almost no revenue for handling and processing these transactions. In addition, banks pay a fee for using the UPI switch. Payment aggregators charge merchants a platform fee, a convenience fee, and other charges for handling their payments. As end customers are not charged for UPI transactions, sources said banks are now considering tapping into this revenue stream by levying charges on PAs. 'PAs will either pass on the costs to their merchants to maintain margins or absorb them based on the kind of arrangement they have with merchants. Credit card transactions (on UPI) have also grown, so there is a form factor for monetisation already in some places,' an executive at another payments firm said. When a customer makes a UPI payment on a merchant's platform, the PA acts as a facilitator between the customer's bank, where the money is debited and the merchant's bank, where the money is eventually credited. PAs usually keep an escrow account with a bank of their choice. The funds are initially settled into this escrow account before being transferred to the merchant's account. Once the funds are received in the escrow account, the PA settles the amount with the merchant's bank account. For all personal finance updates, visit here
