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UPI Payment Charge: The National Payments Corporation of India (NPCI) has issued a clarification on the transaction charges to be levied on transactions made through UPI from April 1, 2023. NPCI has denied reports of levying charges on UPI payments. NPCI said customers will not have to pay any fees for bank account to bank account transactions through UPI. In its statement, NPCI said that a maximum of 99.9 percent of UPI transactions in the country are done through bank accounts.
NPCI said that there will be no charge to the bank or customer for UPI payment. Also, UPI transactions from one bank to another will not incur any charges. NPCI said that as per regulatory guidelines, prepaid payment instruments (PPI wallets) are now part of the interoperable UPI ecosystem. In view of this, NPCI has allowed the PPI wallet to become a part of the interoperable UPI ecosystem. Interchange charge will be applicable only on PPI Merchant Transactions (Prepaid Payment Instruments Merchant Transactions). And for this the customer will not have to pay any fee.
According to the NPCI circular, payments made through Google Pay, Paytm, PhonePe or other apps will attract an interchange rate of up to 1.1 percent. Paytm has also clarified about this.
In its clarification, NPCI has said that there will be no charge for making payments from one bank account to another bank account through UPI. Along with this, customers will have the option to open a bank account, RuPay credit card on UPI based apps. You can use a prepaid wallet. According to UPI, 8 billion UPI transactions are processed absolutely free every month for customers and merchants in the country.
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