No Charge on Normal UPI Payments 39294p 1.1 Percent Fee to Be Levied on PPI Merchant Transactions: NPCI

NPCI has levied 1.1 percent charge on UPI transactions above Rs 2,000 while using PPI. 4642l

By Press Trust of India | Updated: 29 March 2023 18:35 IST

No Charge on Normal UPI Payments, 1.1 Percent Fee to Be Levied on PPI Merchant Transactions: NPCI

Photo Credit: NPCI 3g5b6w

The interchange charges introduced are only applicable for the PPI merchant transactions

Highlights

CCI had said Google exploited its dominant position in Android
CCI fined Google $161 million
Google will now not need to allow hosting of third-party app stores

ment

National Payments Corporation of India (NPCI) on Wednesday said there is no charge for the bank to bank -based UPI payments or normal UPI payments. However, interchange charges are only applicable for the prepaid payment instruments (PPI) merchant transactions and there is no charge to customers, NPCI clarified in a statement.

unified payment interface (UPI) transactions above Rs. 2,000 while using PPI.

"The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank to bank -based UPI payments (i.e. normal UPI payments)," it said.

Up to 7 Countries May Sign Up to Adopt India Tech Stack by March: MoS IT

With this addition to UPI, the customers will have the choice of using any bank , RuPay Credit card and prepaid wallets on UPI-enabled apps, it said.

In recent times, it said, UPI has emerged as the preferred mode of digital payment by offering free, fast, secure and seamless experience.

Traditionally, it said, the most preferred method of UPI transactions is linking the bank in any UPI-enabled app for making payments which contribute over 99.9 percent of total UPI transactions.

These bank -to- transactions continue to remain free for customers and merchants.

From smartphones with rollable displays or liquid cooling, to compact AR glasses and handsets that can be repaired easily by their owners, we discuss the best devices we've seen at MWC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.