The National Payments Corporations of India (NPCI) on April 29, 2024, issued a circular regarding the modification of payer MCCs.
The following has been stated: -
•IMPS operates as a real-time fund transfer system, enabling account-to-account transactions around the clock. Hence, the use of IMPS has increased over time for multiple use cases.
•With such an increase in transaction volumes, it is important to monitor the transactions with better checks to safeguard customers from any financial fraud. For, such robust monitoring of transactions, it is crucial to have further classification in IMPS transactions so that NPCI and banks apprehend the source of the transactions.
•The payer MCC codes 4513, 4512, and 6010 have been modified as given below.
•The description of all other MCCs shall not change and all member banks are requested to take note of changes in payer MCCs and implement the same by May 31, 2024.
[Circular No. NPCI/IMPS/OC No.121/2024-25]
