Pay anywhere and anytime... People take out the phone, scan the QR code and the job is done. The trend of UPI payments has increased significantly in the last few years.
Rather, it is said that it is one of the most used methods for online transactions. However, the NPCI has issued new rules for the same, which require a charge on payment.
There is talk on social media that users will have to pay a charge for every payment, but this is not the case. In fact, this charge will be charged only on PPI (prepaid payment instruments) payments above Rs 2000.
PPIs are payments that are made through mobile wallets. For this, there will now be a 1.1 percent transaction fee, but this fee will not affect ordinary users.
Under the new rules, only those merchants who accept payments above Rs 2,000 will have to pay a charge through PPI. It will not affect individual users.
At present, most of the payments made through UPI are small. The Bank of merchant pays the interchange fee for UPI transactions to the Bank of the pair.
Many PPI platforms are popular in the country, including Paytm, PhonePe and Google Pay.
The NPCI has issued a press release in the matter. NPCI has said that users will not have to pay any charge for bank-to-bank transfers.
Nor will any common user have to pay any kind of charge for UPI payment. The charge will be charged only on PPI-based transactions, which are for merchants.
That is, such transactions that will be made from the wallet will be charged. These charges will have to be paid by the merchant's bank to the pair's bank. Now there is a possibility that the merchant can charge you extra for this.
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