After the introduction of UPI, there has been a big revolution in the field of digital payments within the country. In today’s time, from a small shopkeeper to big e-commerce companies are connected to the UPI network. In the past years, there has been a record increase in transactions from UPI.
In today’s time, most of us like to pay through UPI. However, from the new financial year i.e. April 1, using PPIs on UPI for amounts above Rs 2,000 will have to pay 1.1 per cent of the transaction value as a fee. NPCI (National Payment Corporation of India) has issued a circular related to UPI. It talks about imposing prepaid payment instrument (PPI) charge on merchant payments made through UPI.
This much will have to be charged on more than 2 thousand rupees through UPI
- According to media reports, the NPCI circular states that interchange fees will be charged for transactions of more than Rs 2,000.
- Under this, a total of 1.1 percent of the interchange fee amount will have to be paid for transactions of more than Rs 2,000 through UPI through PPI.
- The NPCI press release informed that prepaid payment instruments (PPIs) have been allowed to be linked with the UPI interoperable ecosystem.
- In such a situation, the interchange charge is to be paid on PPI merchant transactions. There is no interchange charge for transferring money from bank account to bank account.
- Interchange charge is to be paid on merchant transactions.
- At the same time, it has also been mentioned in the circular that there is no charge on the transaction between the bank account and the PPI wallet in peer to peer and peer to peer merchant.
The rule will come into effect from April 1 UPI.
- 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 review it before September 30, 2023.
