From April 1, there may be a big change in the rules related to Unified Payments Interface (UPI). Transactions above Rs 2,000 through UPI merchant accounts will attract an additional charge. The circular related to this has been issued by the National Payments Corporation of India (NPCI).
UPI Users Alert : From April 1, many rules related to money are going to change. Now UPI i.e. Unified Payments Interface has also been included in this list. It is currently being used for online transactions not only in India but in many countries of the world. But shocking the users, the National Payments Corporation of India has issued a circular related to extra charges.
From April 1, making UPI payments will become more expensive. Now users will have to pay a charge for making payments through PhonePe, GPay and Paytm. The circular suggested levying a fee on platform-to-merchant transactions. From the next month, additional charges will have to be paid for transactions with merchants. These charges can range from 0.5 per cent to 1.1 per cent.
According to media reports, it has been recommended to impose 1.1 per cent prepaid payment instrument ie PPI on payment of more than Rs 2,000 through UPI. According to NPCI, after the new implementation from April 1, the review will be done before September 30, 2023.
Also, the lowest interchange fee will be charged from the farming and telecom sectors. At the same time, the highest charge will have to be given to the paying users by the merchants. There will be no extra charge between bank account and PPI wallet.
