Payment apps, Banks call for regulation of new ATM services by PhonePe
By MYBRANDBOOK
Banks want to charge users for withdrawing money through UPI service. NPCI is looking to bring regulatory provisions for ATM services launched by payments companies.
NPCI is also looking to cap the daily withdrawal limit to INR 2000.
Last month, Flipkart-owned payments platform PhonePe had launched a Unified Payments Interface-based (UPI) PhonePe ATM service. While it claims to be helping users get cash by transferring money to merchants digitally, other payments players are questioning how such a service has been allowed under the current regulations.
During the steering committee meeting of the National Payments Corporation of India (NPCI), held on February 14, payment providers shared their concern with NPCI officials. According to a news report, the members of the UPI steering committee complained about PhonePe launching the service in the absence of any regulatory framework. A total of 21 payments companies and banks are a part of NPCI's steering committee. Some of the payments companies include Paytm, Mobikwik, Google Pay, and PhonePe. Banks such as ICICI banks, SBI, HDFC, among others are also a part of the steering committee.
Besides regulation, the committee also discussed on monetising this service by levying a charge on users. While banks are pushing for levying a charge on users, a report said that PhonePe is not in favour of monetising the ATM service as it feels that charging users for withdrawing money via UPI will leave a negative impact on the newly launched service.
In a statement, a Paytm spokesperson told that the company already has 'Paytm ka ATM' which provides cash deposit and withdrawal facilities at over 67K locations in India. Launched in December 2017, Paytm facilitates this service in partnership with Paytm Payments Bank.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
EXATRON SERVERS MANUFACTURING PVT. LTD.
POLYCAB INDIA PVT. LTD
DELL TECHNOLOGIES INDIA PVT. LTD.
NUMERIC INDIA, A Group Brand Legrand
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RAJESH NAMBIAR
Rajesh leads the company’s India associates and enhances relationshi...
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
PARTNER SPEAKERS
PSU
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
