New Delhi. Unified Payments Interface (UPI) is used by everyone today and it was being said that transactions on UPI will now have to be paid for. This payment process will be implemented from April, but now the National Payments Corporation of India ie NPCI itself has issued a statement clarifying the situation. NPCI has written that UPI will be free and secure as before. A press release has been issued for the same. So let’s know what NPCI has to say on the matter.
NPCI issued clarification
NPCI has posted from their official Twitter handle in which they have written- UPI is free, fast, secure and seamless….Every month, processed over 8 billion transactions free of cost for customers and merchants using bank-accounts Let’s go
NPCI Press Release: UPI is free, fast, secure and seamless
Every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts@EconomicTimes @FinancialXpress @businessline @bsindia @livemint @moneycontrolcom @timesofindia @dilipasbe pic.twitter.com/VpsdUt5u7U— NPCI (@NPCI_NPCI) March 29, 2023
NPCI has also clarified that the introduced interchange charges are applicable only for Prepaid Payment Instruments (PPI) merchant transactions. No fee will be charged from general customers. After this clarification, it is clear that there will be no charge on UPI transactions.
no fee will be charged
Earlier reports had claimed that the charge would be levied on UPI transactions of Rs 2,000. This charge will be taken as 1.1% interchange fee. It was also said that the process of collecting payment fee will be implemented from 1st April and it will be reviewed after 6 months. The reason behind this was told that this is being done so that the revenue can be increased. It is worth noting that a similar rumor had also surfaced regarding PayTm, after which PayTm had clarified through Twitter that on the transaction No charges will be levied and the interchange will be absolutely free.