THESE new UPI rules for P2M transactions to come into effect from June 30. Check details

National Payments Corporation of India (NPCI) has released a new circular to deal with handling of deemed approval status in UPI for peer to merchant transactions where acquiring payment service provider (PSP) and merchant bank are the same.

In case of peer to merchant (P2M) transaction where merchant bank and acquiring PSP is same, UPI will consider transaction status ‘deemed acceptance’ as success in online and pass the response to the payment service providers. There will be no change in the back-office system for 3 party deemed approved transactions.