UPI Transaction: Transaction above ₹ 2,000 will not be charged, know the truth of viral message
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UPI Payment Charge: If you are also surprised to read the news of UPI payment being charged, then be relaxed. From April 1, you do not have to pay any extra charge on UPI payment. PIB (PIB Fact Check) has denied the news related to this. It was told that this news is completely wrong.
UPI users will not have to pay any charge on the transaction
The National Payments Corporation of India (NPCI), the organization that oversees the Unified Payments Interface in the country, has clarified on Wednesday that UPI users do not have to pay any separate charges on transactions. Actually, there were reports that you have to pay surcharge on UPI transactions above Rs 2000. Now NPCI has told that UPI users do not have to pay any such charge. Also, no charges will have to be paid even if UPI transaction is done from one bank to another.
,@IndiaToday claims that UPI transactions over Rs 2000 will be charged at 1.1%#PIBFactCheck
➡️There is no charge on normal UPI transactions.@NPCI_NPCI The circular is about transactions using Prepaid Payment Instruments (PPIs) like digital wallets. 99.9% transactions are not PPI pic.twitter.com/QeOgfwWJuj
— PIB Fact Check (@PIBFactCheck) March 29, 2023
Interchange charge will be applicable only on PPI merchant transactions
NPCI said that as per the regulatory guidelines, Prepaid Payment Instruments (PPI Wallets) are now part of the interoperable UPI ecosystem. In view of this, NPCI has allowed PPI wallets to be a part of the interoperable UPI ecosystem. The interchange charge will be applicable only on PPI Merchant Transactions (Prepaid Payment Instruments Merchant Transactions) and the customer will not have to pay any fee for this.
99.9% of UPI transactions happen through the app
According to NPCI data, every month there are UPI transactions of around Rs 8 billion across the country. This transaction is absolutely free for the customer and the merchant. According to a press release issued by NPCI, 99.9 percent of UPI transactions happen through the app in the country.
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