New Delhi. Nowadays it is the era of cashless. Whether it is a small payment or a big payment, everyone uses UPI only to make it and somewhere UPI has made everything easy for the people, now people do not have to roam around with money in hand. Earlier people used to be afraid of being stolen while roaming around with money, fear of falling of money, but now it is not so. However, if you also make all the payments with the help of UPI, then you too will be shocked to hear this news. From the beginning of the new financial year, transactions in UPI are going to be expensive for the people. A circular related to UPI has been issued by the National Payments Corporation of India, under which it has been proposed to levy ‘Prepaid Payment Instruments (PPI)’ charges on merchant transactions through UPI.
Transactions through UPI will now be costlier
According to this circular released on Tuesday, now the transaction is going to cost you dearly. That is, in the beginning of April, if you make payment through UPI, you will have to pay PPI charge on merchant payment. PPI stands for Prepaid Payment Instrument. In this, you will have to pay a charge of 0.5 to 1.1 percent. This charge will be applicable for transactions above 2000. Let us tell you that PPI includes card or wallet transactions in which interchange fee comes with card payment. Merchant transaction in which the merchant has to give the payment to the users.
Extra expenses will have to be done from April 1
If you understand it in simple language, then from April 1, if you pay with Google Pay, Paytm, Phone Pay or any UPI and your payment is more than 2000, then you will have to pay PPI charge. This charge will cost you from 0.5 to 1.1 percent. This means that inflation is going to affect your pocket more. According to a report, 70 percent people pay more than 2000, in such a situation, if you have to pay more than 2000, then you will have to spend extra for that.