Reference
Recently National Payments Corporation of India (NPCI) has a circular Guidelines have been issued in which for 'BHIM Aadhaar Pay' Merchants place the responsibility of verifying the details on the banks.
On BHIM basis
- 'BHIM Aadhaar Pay' through Aadhaar authentication to merchants Enables receiving digital payments from customers at the counter.
- it Any merchant associated with any acquiring bank on 'Bhim Aadhaar Pay' To By authenticating the customer's biometrics any Permission to accept payments from bank customers gives.
- necessary condition
- To be able to do this effectively, traders must Must have Android mobile or any supported device with BHIM Aadhaar Pay app And certified with USB port or Micro-ATM/POS/Kiosk/Tablet Biometric scanner must be attached.
- customers and merchants of both Aadhaar linked to their bank account Should be.
National Payments Corporation of India (NPCI)
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BHIM AADHAAR PAY – Guidelines regarding linking of merchants and standards.
NPCI has issued these guidelines to lay down key responsibilities and accountabilities of banks while managing merchants.।
- acquiring banks From time to time to yourMerchant Activity' (i.e., onboarding criteria, transaction monitoring and controls, training, evaluation of portfolio metrics, etc.) Must be monitored.
- It is used to monitor the standard performance of traders. There is a baseline at the level.
- Acquiring banks can use merchant due diligence both manually and digitally.
- The acquiring bank should ensure that the following points are adequately addressed:
- Board approved policy for merchant acquisitions
- To implement policies that include standards to ensure quality/business operations to mitigate the risks of NPCI operated payment systems in terms of financial or reputational risk.
- acquiring policies The acquisition must be approved by the board of directors of the bank and from time to time There should be a review.
- Agreements with various stakeholders (as appropriate):
- Merchant Agreement with each Merchant/Aggregator (as appropriate) prior to providing any Services.
- Merchant Risk Assessment
- NPCI has advice to members given that they are appropriate while providing service to the merchants Also provide the Merchant Category Code (MCC).
- Merchant Portfolio and Risk Monitoring
- They need to ensure that the trading criteria and prohibited merchants are followed while using BHIM Aadhaar service. Cash withdrawal transactions are not allowed at merchants.
- merchant training
- Third Party Agent Risk Oversight and Governance
- Board approved policy for merchant acquisitions