UPI users should use careful because they will be charged for additional transactions.

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A 1.1% interchange fee will apply to select Unified Payments Interface (UPI) transactions exceeding 2,000 starting on April 1. But only business owners may use this.

Below are 10 details regarding the new UPI payment regulations:

  1. According to a statement made by the National Payments Corporation of India (NPCI) today, users would not be charged for interchange fees since they only apply to merchant transactions involving prepaid payment instruments (PPIs).
  2. For various types of merchants, there are different interchange fees. It varies from 0.5% to 1.1%, and in some categories, a cap is also applicable.
  3. Beginning on April 1, the interchange fee will be in effect.
  4. According to reports, the step is intended to boost revenue for banks and payment service providers, who have been having trouble making ends meet due to the high cost of UPI transactions.
  5. By September 30, 2023, the interchange pricing will be reassessed, according to the NPCI.
  6. For peer-to-peer and peer-to-peer-merchant (P2PM) transactions, exchange will not be used.
  7. The NPCI stated that there are no fees associated with either standard UPI payments or bank account-based UPI payments.
  8. The statement said, “It is further stressed that there are no charges for the bank account to bank account-based UPI payments (i.e. standard UPI payments) and that the interchange charges introduced are only relevant for the PPI merchant transactions.
  9. Paytm also posted on Twitter to emphasise that users won’t pay more while using the UPI mechanism to make payments. “The Paytm UPI service is free, quick, safe, and seamless. Customers would not incur any fees while using UPI to make payments from their bank accounts or PPI/Paytm Wallets “In a tweet, it stated.
  10. Customers will be able to use any bank account, a RuPay credit card, and prepaid wallets on UPI-enabled apps after the new rules take effect.

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