UPI Payment: Will be charged from April 1, but here is the twist, know the benefits

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UPI Payment : There is going to be a big change in the Unified Payment Interface (UPI) payment rules from April 1, 2023. It is reported that from April 1, people will have to pay the charge for making payment through UPI. Rumors about this matter have caught a lot of emphasis. Meanwhile, the National Payments Corporation of India (NPCI) has made it clear on Wednesday that not everyone will have to pay the charge for making payments through UPI. According to media reports, NPCI has issued a clarification saying that there will be no charge for bank account based UPI payment or normal UPI payment from bank account.

who will have to pay the charge

NPCI said in the statement that there will be no charge for bank account based UPI payment or normal UPI payment from bank account. It said that an interchange charge would be levied if the transaction is done through the ‘Prepayment Instrument’ (PPI) of the seller. However, this charge will not have to be paid by the customers. In fact, NPCI has approved PPI wallets to be part of the interchange UPI ecosystem and has imposed a 1.1% charge on UPI transactions above Rs 2,000 through PPIs.

Charges only on PPI merchant transactions

It has been told by NPCI that the interchange charge will be applicable only on PPI merchant transactions, customers will not have to pay any charge. It has also clarified that there will be no charge for bank account to bank account based UPI payments (normal UPI payments).

Bank account transaction will not be charged

After integration of PPI with UPI, customers will have the option of using any bank account. Bank account to bank account transactions will be free of cost for both customers and sellers.

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