Quick Summary
National Payment Corporation of India (NPCI) via its official Twitter handle has issued a statement clarifying that there is no charge to customers. As per the rule, the interchange charges are applicable for Prepaid Payment Instruments (PPI). This means that UPI transactions made via PPIs such as w
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FAQ :
No, UPI payments made directly from your bank account to another bank account remain free for both customers and merchants.
Interchange charges of 1.1% are applicable only for UPI transactions made using Prepaid Payment Instruments (PPIs) such as wallets and credit cards, specifically for merchant transactions.
No, UPI remains free for the vast majority of transactions, which are bank account-to-bank account based. Charges only apply to specific transactions via PPIs.
NPCI stands for the National Payment Corporation of India, the organisation that oversees UPI.
Customers can now choose to use their bank accounts, RuPay credit cards, and prepaid wallets on UPI-enabled apps.
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