UPI charges news

Who will this benefit? Those who load money in prepaid wallet but do not like linking bank accounts to UPI can use wallets for payments without integrating bank ...

For loading over Rs 2000 there will be a 0.15% fee which works out to Rs 3 on Rs 2000. Shops will now be able to accept UPI payments from these users. The National Payments Corporation of India (NPCI) has now permitted the prepaid payment instruments (PPI) wallets to be part of interoperable UPI ecosystem and levied 1.1% charge on UPI transactions above Rs 2,000 while using PPI.

NPCI has advised that UPI transactions made via prepaid instruments, such as wallets and cards will attract an interchange fee of 1.1 per cent for merchant ...

NPCI has asked the prepaid payment instrument issuers to pay 15 basis points as a wallet-loading service charge to the remitter bank for recharging a wallet with over Rs 2,000. So, if you are making a prepaid payment through UPI at a store using a PhonePe QR code, the merchant has to pay the interchange fee to the payment service provider, which is PhonePe here. If the transaction amount is above Rs 2,000, an interchange fee of up to 1.1 per cent will be levied. "UPI has now become a mature product in India and a MDR was inevitable to have a sustainable revenue model for the entire digital ecosystem. Smaller shopkeepers will not be impacted as the interchange fee is not applicable to them. As explained, the interchange fees are typically paid by the merchants to the wallets or card issuers. Interchange fees are transaction fees that the merchant has to pay whenever a customer processes a transaction. Categories such as convenience stores, and specialty retail outlets will have an interchange fee of 1.1 per cent. An interchange fee of 0.5 per cent will be levied for categories such as fuel, education, agriculture, and utility payments. [UPI](/topic/upi)) transactions made via prepaid instruments, such as wallets will attract an interchange fee of 1.1 per cent for certain merchant payments from April 1, 2023. So, if you are sending money to friends, family or any other individual or a small business merchant's bank account, it will not attract an interchange fee. However, there will be no fee if the transaction amount is up to Rs 2,000.

The National Payments Corporation of India (NPCI) has clarified that there will be no charges on UPI payment. Check details.

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