UPI will not be free anymore! The Truth

Breaking News! NPCI has recommended a fee of 1.1% on ₹2000 or more transactions made through PPIs. What does it actually mean? Will UPI charges no longer free for all? Let’s read and find it out:-

Will users be charged for UPI transactions?

The answer is NO! However, there are some changes that National Payments Corporation of India (NPCI) has made. But that will not really impact general users, for the time being! Then what does the new rule actually say?

The New Rule:

The New Rule will take an interchange fee on UPI transactions of 2000 or more made through Prepaid Payments Instruments (PPIs) only. In simple words, payments more then 2000 made through PPIs such as digital wallets (PayTM/ Phone Pe) will attract 1.1% fee.

For example, if a user pays more than ₹2000 through a digital wallet after 1 April, the digital wallet provider will charge a fee to the merchant.

The NPCI calls it “Intercharge Fee”. This also implies that no fee will be charged for transactions made through bank accounts or below ₹2000.

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