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.
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