Transaction from UPI (UPI Transaction) is going to be expensive from 1 April 2023. The National Payments Corporation of India (NPCI) has issued a circular on Unified Payment Interface (UPI) payments, recommending levying of interchange charges on UPI merchant payments through PPIs from April.
No charge will be taken from the customer
According to NPCI, interchange charges will be applicable only on PPI merchant transactions. In this, no charge will be taken from the customer. NPCI has said that due to this, no charge will be taken for making payment from bank account to bank account through UPI. Apart from this, Paytm owner Vijay Shekhar Sharma has clarified that making UPI payments from bank account or wallet is completely free. There is nothing to charge the customers for UPI payments and people are advised to avoid any kind of rumours.
Extra charge may apply
According to the news circular, NPCI has asked to impose interchange charge on the payment of more than Rs 2000 from Prepaid Payment Instrument that is PPI. This charge can be imposed up to 0.5-1.1 percent. This charge will be levied on all types of merchant payments.
However, interchange charge will not be levied on person to person or person to merchant payments. In such a situation, it will not affect the common consumer on everyday transactions.
Transactions up to Rs 2000 are happening more
According to the circular of NPCI, from April 1, if you pay more than Rs 2,000 through digital means like UPI payment like Phone Pay, Google Pay and Paytm, then you will have to loose more pocket for this. May fall According to the report, around 70 per cent of UPI P2M transactions are worth more than Rs 2,000, in which case preparations are on to impose an interchange charge of 0.5 to 1.1 per cent.
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