NPCI Sets 1.1% Fee on PPI Payments via UPI, Details Inside!

Who sets the Charges?

Keep reading until the end to understand how it will work.

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Capped Amount?

1 Green Cup Green Cutlery Green Handbag

When is it Starting?

What % of Charges?

Who will Pay Charges?

Charges on other transactions?

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Beware of fake news! The NPCI has not enforced any fees on individuals who utilize UPI for transactions. However, it's important to note that ultimately, merchants may pass on these charges to users. As an example, when loading a balance of Rs. 2000 on PayTM wallet, the user may receive only Rs. 1988 in their wallet after a 1.1% deduction

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NPCI Sets 1.1% Fee on PPI Payments via UPI, Details Inside!

Who sets the Charges?

The National Payments Corporation of India (NPCI) has recommended that using Prepaid Payment Instruments (PPIs) on UPI will be chargeable.

Keep reading until the end to understand how it will work.

5 Facts on UPI Charges

Capped Amount?

The charges will be levied on transactions above Rs 2,000

When is it Starting?

The charges will be effective from April 1, 2023

Soon

What % of Charges?

The charges will be levied at an interchange rate of 1.1% of transaction value

1.1%

Who will Pay Charges?

Merchants such as Paytm or PhonePe, who utilize a wallet or pre-paid balance loading system, will incur an interchange fee of 1.1% for transactions conducted via the Unified Payments Interface (UPI).

Charges on other transactions?

These charges are not for user. The charges will not be applicable for transactions made through bank accounts on UPI apps.

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