Now UPI Transaction will be expensive from April, know how much will be charged for making payment : With the changing times, Unified Payment Interface i.e. UPI Transaction has become an integral part of the lives of common people. Nowadays, most of the people prefer to make payment through UPI (UPI Payment) for every small and big purchase. In such a situation, the National Payments Corporation of India (NPCI), which now operates UPI, has said in a circular issued on March 24, 2023 that Prepaid Payment Instrument (PPI) fees will be implemented on merchant transactions from UPI. According to this notification, if a person transfers money above Rs 2,000 to merchants through prepaid payment instruments such as mobile wallets, then in such a situation he will have to pay interchange fee. It is worth noting that cards and wallets come under PPI. Crores of people will be affected by this change.
How much will be the interchange fee
In the circular of NPCI, this interchange fee will be charged only on transactions above Rs 2,000. This fee will generally total 1.1 per cent of the amount exceeding Rs 2,000. It is worth noting that NPCI has fixed different interchange fees for different zones. The lowest interchange fee will be charged in agriculture and telecom sector. This charge will have to be paid only to the users who make payments to the merchant transactions. Let us tell you that PPI comes with the transaction done through wallet or card. Interchange fees are usually associated with card payments. It is charged to accept transactions and cover costs.
Payments made through digital mode will become expensive
It was said by the National Payments Corporation (NPCI) that it would be reviewed on or before 30 September 2023. Based on the circular of NPCI, payments through digital modes like Google Pay, Phone Pay and Paytm will become costlier from April 1. If you pay more than Rs 2,000, then you will have to pay more money in lieu of it. Let us tell you that a report has shown that 70 percent of UPI transactions are more than Rs 2,000. The NPCI circular stated that after the rule is implemented from April 1, it will be reviewed before September 30, 2023.
Interchange fee will not be applicable on these people
According to the National Payments Corporation of India (NPCI) circular, no charges will be levied on peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions between bank accounts and PPI wallets. After implementing this new rule from April 1, NPCI will review it before September 30, 2023.