Payment transactions that were previously not chargeable will now generate revenue for the Company's payments business. The Company expects to earn this revenue in two ways:
• as a Third-Party Application Provider (TPAP), on the P2M share of its consumer UPI Gross Merchandise Value (GMV); and
• as an acquirer on its merchant GMV.
The Circular does not permit any charge on customers, so UPI payments remain free for users.
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