UPI Transaction Charges on Money Transfer, Govt Explains
Mumbai: The National Payments Corporation of India (NPCI) today informed that UPI transaction charges on money transfers are free for both customers and merchants.
The good news, you can now continue to send money to another bank account or the mobile number linked to the account through UPI for free.
“The most preferred method of UPI transactions is linking the Bank account in any UPI-enabled app for making payments which contributes over 99.9 percent of total UPI transactions. These Bank account to bank account transactions continue to remain free for Customers and Merchants,” NPCI said.
The information from NPCI comes amid confusion among users over the proposed interchange fee of 1.1 percent on UPI transactions over Rs 2000.
On this matter, The NPCI said that interchange charges are only applicable for the PPI merchant transactions and there is no charge to customers. The fee will be charged from April 1 and the interchange pricing will be reviewed by September 30, 2023.
According to the latest regulatory guidelines, the Prepaid Payment Instruments (PPI Wallets) have been permitted to be part of an interoperable UPI ecosystem.
In this case, NPCI has now permitted the PPI wallets to be part of an interoperable UPI ecosystem. The interchange charges introduced are only applicable for the PPI merchant transactions and there is no UPI payment charge to customers,” said NPCI.
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