The National Payment Corporation of India (NPCI) has asked all banks, payment service providers, and third-party application providers to implement an online dispute resolution system by September 2022. If any firm fails to meet the deadline, the onboarding of new customers will be banned.
In the circular issued by NPCI, it has mentioned, “Final compliance timeline for all apps, issuers, and PSPs shall be no later than September 30, 2022. In case a member or TPAP fails to comply within the timeline, the NPCI will take appropriate penal actions.”
NPCI has also asked all Unified Payments Interface players to offer international merchant payments through the platform before September. If the participants fail to do so, penalties will be imposed by NPCI.
The NPCI had notified market participants in India that integration of additional nations into UPI network would be initiated by the corporation, and banks as well as payment companies should not do any additional certification or change in their systems.
