The National Payments Corporation of India (NPCI) on May 02, 2024, issued the Reference Guidelines for Members on Merchant Acquisition for BHIM Aadhaar Pay
The following has been stated namely: -
• Acquiring Member Bank shall continue to be responsible for merchants onboarded by them directly or through aggregators/partners.
• NPCI issued reference guidelines on merchant acquisition and Merchant transactions to bring about a proper process on the merchant acquisition and portfolio monitoring along with the necessary due diligence to mitigate risks.
• Acquiring member banks are advised to: -
o Assign appropriate MCC while on-boarding merchants as per the nature of business/services given in the specifications defined by ISO (International Organization for Standards).
o Ensure that cash withdrawal transactions are not allowed on BHIM Aadhaar Pay merchants and Banks to have suitable oversight on the same.
[Notification No. NPCI/2024-25/BAP/002]
