UPI Payment: UPI transactions are now costly! There will be additional charges from April 1, 2023.
NPCI has issued circular regarding UPI (Unified Payment Interface) payments. It has proposed imposing prepaid payment instruments (PPI)’ charges on merchant transactions via UPI beginning April 1, 2023. This change will have an impact on billions of people.
If you frequently transfer money using Google Pay or Paytm, you may be surprised by this news. Yes, UPI transactions will be more expensive beginning April 1, 2023. The National Payments Corporation of India (NPCI) has released an announcement on UPI payments. It has proposed imposing ‘Prepaid Payment Instruments (PPI)’ charges on merchant transactions via UPI beginning April 1. This change will have an impact on billions of people.
A 1.1% surcharge on transactions above Rs 2,000 has been proposed by the NPCI in a notification issued on April 1. This charge is to be paid to the merchant for the transaction. In other words, merchants must pay their customers when they pay. PPI is charged on transactions made with a wallet or a card. Card payments are frequently accompanied by exchange fees. It is used to accept the transaction and bill the cover cost.
According to one report, 70% of UPI transactions exceed Rs 2,000. According to the NPCI circular, the rule will be reviewed before September 30, 2023, after it goes into effect on April 1.
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