The National Payments Corporation of India (NPCI) has issued guidelines that put the onus of verifying merchant details on acquiring banks for BHIM Aadhaar Pay.

Banking & Finance

The National Payments Corporation of India (NPCI) has issued guidelines that put the onus of verifying merchant details on acquiring banks for BHIM Aadhaar Pay. The obligation to acquire, manage, and monitor merchants for BHIM Aadhaar Pay rests with acquiring member banks. Acquiring member banks shall continue to be responsible for merchants onboarded by them directly or through aggregators/partners. BHIM Aadhaar Pay enables merchants to receive digital payments from customers over the counter through Aadhaar Authentication, according to the NPCI website. The NPCI issued these guidelines to an acquiring member bank’s key responsibilities and accountabilities when managing merchants. Other aspects such as merchant underwriting, merchant portfolio, and risk monitoring, and their training are adequately addressed by acquiring member banks.


     

     

     

 

     


National Payments Corporation of India (NPCI)

Founded- 2008
HQ- Mumbai
          ____________________________