What does the latest NPCI circular mean on interoperability?
NPCI has set rules for all the apps providing UPI for fund transfer. A circular titled “Guidelines on Interoperability features for all BHIM UPI Apps” was issued on 16th March 2018.
The NPCI has given the time until 16th April 2018 to comply with the interoperability rules. The rule is applicable to all the UPI apps whether they are bank apps or merchant/third-party UPI apps.
UPI ID or VPA facility is Mandatory
If any payment app is using UPI platform must give facility of sending money through the UPI ID or VPA.
For Merchant Apps, sending money through the UPI ID or VPA is optional.
Support for Collect request from any BHIM UPI ID (VPA)
The UPI Payment system gives you the facility to request money from someone. UPI Collect request is used while merchant transactions, one should know the UPI ID or QR code of the payer to complete the transaction.
Bharat QR Code
All UPI app should adopt the Bharat QR system. This enables them to generate and scan Bharat QR code, which can be used to collect or pay the amount. The Bharat QR code is a universal code and any UPI app can scan it and pay the money.
For Merchant App, QR code generation is not mandatory, however, it must accept payment through the QR code.
Respond to Intent call on the same phone by any BHIM UPI app or merchant
This enables apps on the same phone to communicate with each other. The transaction started in one app can be completed on other apps within the device that can support the intent on the phone.
This compliance is not applicable to the merchant apps collecting or receiving payment using BHIM UPI (apps not onboarding/ registering on BHIM UPI or not creating exclusive VPA on merchant app).
Why this is important?
As we know, transactions across UPI reached a new peak in January. The transaction volume was 151.7 million, up around 4% from 145.5 million in the previous month. The value of transactions rose around 18% to Rs 155.4 billion in January from Rs 131.4 billion in the previous month, according to provisional data released by RBI for the month of January.
This circular will force all the platforms to be interoperable and works based on open standards. The main purpose is to offer convenient and secure offerings, providing multiple choices to consumers for the rapid adoption of digital payments.
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