wordpress blog stats
Connect with us

Hi, what are you looking for?

CCAvenue gets UPI payments through ICICI Bank

digital-payments-cmn

Payment gateway aggregator CCAvenue announced that it has tied up with ICICI Bank for UPI payments. With this, UPI will be available as a payment option for all CCAvenue merchants at traditional debit card rates, the company said in a statement.

CCAvenue has more than 1 lakh merchants and banks have been tying up with more payment gateway aggregators to get access to more merchants. Typically, there is a revenue sharing agreement with banks when a merchant does a UPI transaction (20 basis points as it is in the case with Razorpay). Note on the UPI, banks are allowed to charge a merchants a higher fee than compared to P2P payments.

Others payment aggergators with deals with ICICI Bank include:

ftcash
Instamojo
MobiKwik’s Zaakpay

The interchange fee (MDR) for debit cards is capped at 0.75% for transactions  less than Rs 2,000 in India by the RBI. We have written to CCAvenue for further details of their partnership with ICICI Bank and will update once we hear from them.

Advertisement. Scroll to continue reading.

The NPCI, on the other hand, has been pushing banks to focus more on person-to-merchant (P2M) payments. “We’ve made the UPI live on the P2P side, however, it holds great potential on the P2M side… P2P transactions are not that frequent from a consumer standpoint. It happens once or twice in a month,” Dilip Asbe, COO of the NPCI said at an event last month.

CCAvenues and UPI 2.0

Earlier this week, the NPCI said that will be launching the second version of the UPI by March 2017. CCAvenue said that it be will be working with NPCI and its banking partners to roll out the second version. UPI 2.0 will be focused on integrating UPI with Aadhaar and the Bharat Bill Payment System (BBPS) to include features such as pre-authorized transactions through digital signatures and biometric authentication.

CCAvenue also has an in-principle nod to run an operating unit under the BBPS. CCAvenue said  it will also offer interoperable bill payment services to customers, through a network of agents or online, providing multiple payment modes with instant confirmation of payment and integrate the UPI.

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ