upi payment effect, is it really not a single penny deducted on payment from wallet? Read this report – how upi payment impact you, why paytm impose charge to add money on wallet
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Will you be able to avoid this charge?
Regarding the transaction charge to be imposed from April 1, 2023 on the transactions done through UPI payment, NPCI clearly said that it will not affect the customers, but it does not seem to be happening. Shopkeepers are either refusing to accept wallet payments or are charging customers an interchange fee. Problems are increasing for people who have forgotten the habit of keeping cash. Some shopkeepers are even refusing to accept the 2000 limit and are refusing to accept wallet payments. That is, the common people have to pay the effect of this transaction charge in a roundabout way. This change in digital transactions can affect your pocket. In the new rules of NPCI surcharge, customers were kept out of it, but in common language, merchants are collecting this charge from the customers.
Although this is not a new thing. You must have faced this type of situation many times while making credit card payments. Either the shopkeeper refuses or even if your price is ready after persuasion, he charges you 1 or 2 percent. The same situation is now happening on payment through mobile wallet. Either the shopkeepers are refusing to take or are putting a condition of payment by adding surcharge. While NPCI had clarified regarding the additional charge on UPI that this charge would be taken from the merchant i.e. shopkeeper. That is, overall as it happens with card payment, the same situation seems to be happening with UPI payment. The merchant may charge you a transaction fee.
Charged even after adding money to the wallet
Mobile wallet app Paytm also charges you for adding money to your wallet. If you put money in Paytm Wallet through Netbanking, Amex credit card, then your 1.53%, 2.35%, 2.65 and 2.95% charges are collected in the name of convenience fee. Paytm collects this charge from the customers instead of the bank. This charge is more than the interchange charge of NPCI. When you ask about this from Paytm customer care, you will get the answer that since they pay high charges for this transaction to your bank / payment network, in return they charge these fees from the customers. That means here also your pocket is being directly affected. The way merchants ask for interchange charges on card payments, won’t a similar situation be created for UPI? Will merchants like Paytm Wallet, PhonePe Wallet, Amazon Pay, Mebikwik Wallet bear the interchange fee instead of passing it on to the customers?
Why the impact on the pockets of the customers?
As per NPCI rules, the interchange charge will be applicable only on PPI merchant transactions. That is, if you add cash to your wallet, your bank will charge an interchange fee from Paytm. Similarly, if you pay more than two thousand rupees to a shopkeeper from the wallet, then the shopkeeper will have to pay that fee. This directly includes the bank and the merchant ie the shopkeeper, but no shopkeeper will be ready to pay this charge from his pocket. That is, its effect is visible only on the customers. In most of the cases, shopkeepers are refusing to accept wallets. If taking, then customers have to pay the charge. However, to avoid such hassle, it is better to add money to your wallet or make payments through UPI.
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