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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