HomeOther Hot TopicsUPI Transactions Will Become Chargeable From April 1st? Here Is The Truth

UPI Transactions Will Become Chargeable From April 1st? Here Is The Truth

UPI Transactions Will Be Chargeable From Next Month?

The unified payment interface or UPI has become a primary method of money transactions. The method allows a user to link more than one bank account in a single smartphone app. It helps to transfer money without having to provide an IFSC code or account number. It provides a safe, secure and free-of-cost digital payment experience.

What is the rule and the latest updates about it?

A new rule of the National Payments Corporation of India or NPCI has said that from now on users will have to pay a charge while doing online transactions via UPI. Let’s talk about the details-

The NPCI has now allowed the PPI wallets (Prepaid Payment Instruments) to become a part of the UPI ecosystem. A charge of 1.1% will be taken from users on transactions above INR 2,000 via PPI. 

Who will benefit from the new system?

The new system will be beneficial for those who do not like to link their bank account with UPI apps, instead of that they prefer to fill the UPI wallets. The shopkeepers will also be able to accept money from those who only use the UPI wallet gateway for transactions.

What About the Wallet Users?

There will be no charge for wallet users to fill in money which is less than Rs 2,000. But to load over Rs 2,000 in the UPI wallet, one needs to pay Rs 3 for each transaction.

Will There Be New Charges For All Kinds Of Transactions?

The new system will be no different for users who have already linked their bank accounts with their UPI accounts. But the large merchants will pay 1% fees if they received over Rs 2,000 in their linked UPI account.

Why UPI Transactions Have Become Chargeable Now?

As many talks are happening about the new rule. Some people are saying that UPI transactions are supposed to be free. But, let us tell you that UPI transactions should be free only for the bank-to-bank transfer. There will be a fee for merchants who use UPI to accept money.

What did NPCI say?

Though the NPCI has recently clarified that the 1.1% charge will only be taken for transactions over Rs 2,000 from digital wallets to UPI IDs. There will be no fees for banks to banks transfers. The new rule might be applicable from April 1, 2023.

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Rohit Sarkarhttp://www.beyondtheposts.net
Meet Rohit Sarkar, a passionate football and cricket enthusiast, who transformed his ardour for the sports into a successful seven-year career as a sports journalist. With a keen eye for detail and a deeply ingrained understanding of the beautiful games, Rohit’s expertise has been captivating audiences across a myriad of leading sports websites.Rohit embarked on his journey as a sports writer in 2016, initially writing for local sports publications. His profound knowledge, combined with an ability to weave compelling narratives around players, teams, and matches, swiftly captured the attention of a broader audience. His journey has since seen him contribute to some of the most well-respected sports news platforms globally.What truly sets Rohit apart is his exceptional ability to dissect both football and cricket games. His comprehensive analyses cover the full spectrum - from the technical tactics on the field, player performance, to the captivating stories behind the scenes. His pen brings to life the exhilarating emotion and the nail-biting tension inherent in both sports.The core of Rohit's work lies in his devotion to the sports he grew up adoring. He seamlessly translates his understanding of the game dynamics, honed over years of avidly watching and playing, into his writing. His pieces are deeply rooted in authenticity and respect for the games, qualities that endear him to his readers.Despite the significant difference between football and cricket, Rohit has managed to bridge the gap and cater to the fans of both sports. His work exhibits a deep understanding of the intricacies of the sports, balanced with a storytelling flair that keeps readers engaged and enlightened.Today, Rohit Sarkar is a trusted name in the world of sports journalism. His thought-provoking articles and in-depth analyses continue to be featured across multiple high-profile sports platforms. Through his powerful words, Rohit continues to bring sports lovers closer to the heart of the games they cherish.Rohit is more than a sports writer; he is a storyteller, and most importantly, a passionate fan. He does not just report the sports; he lives and breathes them, bringing his readers along on the journey, one article at a time.

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