Delhi: Note Merchant UPI transactions above Rs.2000 will be charged. This may not apply to everyone. The circular issued by the National Payments Corporation of India (NPCI) has mentioned about the surcharge. It will come into effect from April 1.
Interchange fee is levied on payments made by borrowers using prepaid instruments such as cards, wallets etc. It has been decided to impose a transaction fee of 1.1 percent of the transaction value. Interchange fees are usually associated with card payments. It is charged for the costs of receiving, processing and authorizing transactions.
PPI users will now have to pay 15 basis points as wallet loading service charge to the bank. But there is no charge for business between individuals or between individuals and debtors. The beginning of the interchange is in the range of 0.5-1.1 percent.
The interchange is 0.5 per cent for fuel, 0.9 per cent for telecom, utilities/post office, education, agriculture, supermarket and 1 per cent for mutual funds, government, railways and insurance. The new pricing will be effective from April 1. The circular also says that a review will be done before September 30.
Which banks allow UPI payment without PIN? UPI Lite is super
Hello sir… my 34000 rupees is gone, it is the money I pledged the necklace’; Police to take care of UPI payments
Last Updated Mar 29, 2023, 7:36 AM IST
