RBI Grade BNABARD ESISEBI
In one line
P2M stands for Person to Merchant. It refers to digital payments made by individuals to businesses or merchants, often through platforms like UPI (Unified Payments Interface) or other mobile payment applications. These payments are typically for purchases of goods and services, or to pay for utilities, bills, etc.
Key Announcement
- Date of Circular: April 8, 2025
- Effective Date: April 4, 2025
- Issued By: National Payments Corporation of India (NPCI)
- Subject: Disabling QR Share & Pay-Based International UPI Transactions for Person-to-Merchant (P2M)
Details of the Circular
- Scope of Disabling: The circular specifically addresses the QR Share & Pay mechanism for international UPI transactions under the P2M (Person to Merchant) category.
- Implication: All international UPI P2M transactions using the QR Share and Pay feature have been disabled effective from April 4, 2025.
- Payer PSP Role: The Payer’s Payment Service Provider (PSP) is now required to ensure that the Payer’s UPI app can identify and reject such transactions.
Reason for the Change
- Objective: The move aims to ensure compliance and streamline the UPI ecosystem for international transactions, improving security and regulatory adherence for cross-border payments.
P2M
- Digital Payments:P2M transactions are a key part of the broader movement towards digital payments and cashless economies.
- UPI (Unified Payments Interface):UPI is a popular platform in India used for P2M payments, allowing users to transfer money directly from their bank accounts to merchants.
Next Steps for Stakeholders
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- Payer PSPs are advised to ensure that their systems are updated to reflect this change, preventing unauthorized international UPI P2M transactions via QR codes.
Impact on Users and Merchants
- Users: Customers engaging in international P2M transactions using the QR Share & Pay feature will no longer be able to proceed with such payments.
- Merchants: Merchants relying on this method for receiving payments from international users will need to explore alternative payment methods.
