Krishnamurthy & Co. (K Law) advised a leading foreign bank registered with the Reserve Bank of India in relation to setting up of its unified payments interface (UPI) based payments business in India.

K Law was involved in advising the bank on all aspects in relation to setting up of the UPI based payments business in India including advising on various legal and regulatory aspects pertaining to regulations pertaining to payments and settlements in India and other fintech related issues. K Law also involved in drafting and finalising various documents in connection with setting up of the UPI based payments business including the merchant acquisition agreements, terms and conditions, and other documents.

K Law was also involved in advising the foreign bank in relation to its payment aggregator/ payment gateway arrangements. In relation to this, K Law reviewed, negotiated, and finalised the payment aggregator/ payment gateway agreement entered into with Razorpay.

K Law also advised the bank from time to time on various regulations issued by the National Payments Corporation of India and the Reserve Bank of India.

The assignment was led by Zeeshan Khan (Partner) and supported by Anirban Roy Choudhury (Principal Associate) along with a team of associates.

UPI is an instant real-time payment system developed by National Payments Corporation of India to facilitate inter-bank transactions through mobile phones. UPI powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing, merchant payments, peer-to-merchant (P2M) and peer-to-peer (P2P) collection, into one hood. UPI runs as an open-source application programming interface (API) on top of the Immediate Payment Service (IMPS) and is regulated by the Reserve Bank of India.

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