UPI Fee Cost: In case you are additionally shocked to learn the information of UPI cost being charged, then be relaxed. From April 1, you shouldn’t have to pay any further cost on UPI cost. PIB (PIB Reality Test) has denied the information associated to this. It was advised that this information is totally incorrect.
UPI customers won’t must pay any cost on the transaction
The Nationwide Funds Company of India (NPCI), the group that oversees the Unified Funds Interface within the nation, has clarified on Wednesday that UPI customers shouldn’t have to pay any separate costs on transactions. Truly, there have been studies that it’s a must to pay surcharge on UPI transactions above Rs 2000. Now NPCI has advised that UPI customers shouldn’t have to pay any such cost. Additionally, no costs must be paid even when UPI transaction is finished from one financial institution to a different.
Interchange cost will probably be relevant solely on PPI service provider transactions
NPCI mentioned that as per the regulatory pointers, Pay as you go Fee Devices (PPI Wallets) are actually a part of the interoperable UPI ecosystem. In view of this, NPCI has allowed PPI wallets to be part of the interoperable UPI ecosystem. The interchange cost will probably be relevant solely on PPI Service provider Transactions (Pay as you go Fee Devices Service provider Transactions) and the shopper won’t must pay any charge for this.
99.9% of UPI transactions occur by way of the app
In keeping with NPCI information, each month there are UPI transactions of round Rs 8 billion throughout the nation. This transaction is totally free for the shopper and the service provider. In keeping with a press launch issued by NPCI, 99.9 p.c of UPI transactions occur by way of the app within the nation.
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