UPI transactions of more than Rs 2,000 via PPI will carry an interchange fee of up to 1.1 percent from April 1, 2023.
The move has led to many questions in the minds of consumers. Here's an FAQ answering all those queries.
Will customers be charged for UPI payments?
The interchange charges introduced are only applicable for the PPI merchant transactions & there is no charge to customers.
Will customers be charged for UPI payments?
There are also no charges for bank account to bank account-based UPI payments (i.e. normal UPI payments)
How will consumers benefit?
This will increase the payment alternatives for customers.
How will consumers benefit?
Customers will now have the choice of using any bank account, RuPay Credit card, & prepaid wallet on UPI-enabled apps.
How will consumers benefit?
It will also eliminate the need to carry multiple cards, thereby reducing fraud & theft due to the exposure of card numbers.
How will merchants benefit?
Interoperability will allow merchants to accept wallet payments regardless of the wallet being used by the customer.
How will merchants benefit?
It will encourage merchants to adopt other payment modes, such as credit and debit cards, which have higher transaction fees.