UPI Payment Charges

 UPI Charges: Will there be a charge for making payments through UPI? NPCI made this big announcement in circular.

UPI Payment Charges: After the introduction of UPI, there has been a big revolution in the field of digital payments within the country. Today, from a small shopkeeper to big e-commerce companies are connected to the UPI network.Over the years, there has been a record growth in transactions through UPI. In today's time, most of us prefer to pay through UPI. However, from the new financial year i.e. April 1, for amounts above Rs 2,000, using PPI on UPI will attract a fee of 1.1 per cent of the transaction value.NPCI (National Payment Corporation of India) has issued a circular related to UPI. In this, it has been said to levy prepaid payment instrument i.e. PPI charge on merchant payments made through UPI. Let's know about it in detail -

This much charge will have to be paid on the amount more than 2 thousand

1. According to media reports, it has been told in the circular of NPCI that interchange fee will be charged for transaction of more than 2 thousand amount.

2. Under this, a total of 1.1 percent of the interchange fee amount will have to be paid for transactions of more than 2 thousand through UPI to PPI.

3. It has been informed in the press release of NPCI that Prepaid Payment Instrument (PPI) has been allowed to be linked with the UPI interoperable ecosystem.

4. In this case, the interchange charge is to be paid for doing PPI merchant transactions. There is no interchange charge for transferring money from bank account to bank account.

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Interchange charge is applicable on merchant transactions.

At the same time, it has also been mentioned in the circular that there is no charge to be paid on the transaction between bank account and PPI wallet in peer to peer and peer to peer merchant.

The rule will be applicable from April 1

This new rule will come into effect from April 1, 2023.

At the same time, after the implementation of this rule, the National Payment Corporation of India will hold its review meeting before September 30, 2023.