Business: Amidst the ongoing rumors regarding UPI payment, NPCI issued information, told that customers will not have to pay any charge. Loktej Business, India News
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In today’s time, there has been some addiction to UPI payment that people make online payments for small to big purchases. In such a situation, once again an important news has come to the fore regarding UPI payment. The National Payments Corporation of India has given clarification regarding the change in UPI rules from April 1. There were reports since morning that transaction charges will be levied on payments above 2000 through UPI. Regarding this, the National Payments Corporation of India has told that the change in the payment system through UPI will not affect the customers. He also said that UPI is a free, fast and secure payment system. Over 8 billion transactions are done every month by consumers and buyers through UPI.
customers need not worry
Let us tell you that NPCI replied in its circular that you will be charged 1.1% on payment of more than Rs 2000. It has been suggested that merchant transactions through UPI may attract Prepaid Payment Instruments (PPI) fees. NPCI has issued a statement saying that 99.9% of transactions under UPI are from one bank account to another. Such transactions will not be affected by the proposed fee. General customers will not have to pay any kind of fee.
Who has to pay the fee?
According to the information received from NPCI, from April 1, if you pay more than Rs 2,000 using PPI through UPI payment i.e. Google Pay, Phone Pay and Paytm, then you may have to pay additional charges for this. However, such transactions currently account for only 0.1 per cent of the total transactions under UPI. This means that UPI payments made through Paytm and other apps will be charged for PPI transactions above ₹2,000. This fee will be payable only by users who make payments for merchant transactions.
What is PPI?
PPI i.e. Prepaid Payment Instruments is such a financial instrument, in which you can use it in future by putting money in advance. Goods and services can be purchased with this stored money. Money can also be sent from the PPI to a friend or relative, etc. This fee will be applicable only on digital wallet transactions done through merchant QR code, which will be payable by the merchant acquirer to the wallet issuer. Hence, neither the merchant nor the customer is directly affected by the interchange fee.
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