BANKING AFFAIRS

Detailed explanation-1: -When will the merchant funds be credited to the merchant account for BHIM-Aadhaar-Pay PSB transactions? The merchant funds will be credited real time to the merchant account linked at the time of registration after successful completion of the transaction.

Detailed explanation-2: -BHIM Aadhaar Pay App user who has declared himself/herself as Merchant and is receiving payments via BHIM Aadhaar app will be eligible for an Incentive of 0.5% of the transaction value with minimum incentive as Rs. 2 and upper cap of Rs. 50 per Transaction. Maximum transaction limit is Rs10, 000/-only.

Detailed explanation-3: -The daily upper ceiling per customer shall be Rs. 1, 00, 000 for fund transfer, bill payment and merchant payment separately when the service is used over the application/WAP. Per transaction ceiling is applicable for BOB account holders. Per transaction limit varies from Bank to Bank.

Detailed explanation-4: -BHIM Aadhaar Baroda Pay is Bank of Baroda’s digital payment acceptance solution that allows customers to pay for their purchases directly from their bank accounts. The application is especially created for retail merchants who can accept payments with the help of android and biometric devices.

Detailed explanation-5: -The cooling period for this limit is 24 hours. After 24 hours, the transaction limits will be relaxed to the normal transaction limits as mentioned above.