Paytm, PhonePe Clarify UPI Transactions Still Free For All Customers
NDTV
No customer will pay any charges on making payments from UPI either from the bank account or PPI/Paytm Wallet, Paytm said.
Paytm has issued a clarification regarding UPI-related fees after the National Payments Corporation of India (NPCI) notified that merchant transactions of over Rs 2,000 done through UPI (Unified Payments Interface) will attract up to a 1.1% interchange fee. The digital payment firm stated that customers wouldn't be required to pay any charges for UPI transactions. Regarding NPCI circular on interchange fees & wallet interoperability, no customer will pay any charges on making payments from #UPI either from bank account or PPI/Paytm Wallet. Please do not spread misinformation. #Mobile payments will continue to drive our economy forward! 2. Merchants also will NOT be charged if the customer pays using *any bank account* using a UPI app. The transaction value does not matter. MDR is zero for ALL bank account based UPI payments2/3 4. Small offline shops will not pay any MDR on *PPI-based* UPI txns less than INR Rs 2,000.This is NOT new btw. Merchants have paid MDR for PPI/Wallet transactions for several years. The only thing that is new is that now Wallet payments can happen via a UPI QR Code also. 3. @NPCI_NPCI recently allowed PPIs/wallets to join the UPI network. For these *PPI-based* merchant payments some merchants will have to pay MDR.- Zero charge to customers!- Acquirer will pay PPI issuers an interchange fee (1.1%)- Large/online merchants will pay acquirers MDR 4. Small offline shops will not pay any MDR on *PPI-based* UPI txns less than INR Rs 2,000.This is NOT new btw. Merchants have paid MDR for PPI/Wallet transactions for several years. The only thing that is new is that now Wallet payments can happen via a UPI QR Code also.
In a tweet, Paytm clarified, “Regarding NPCI circular on interchange fees & wallet interoperability, no customer will pay any charges on making payments from UPI either from the bank account or PPI/Paytm Wallet”.
“Please do not spread misinformation. Mobile payments will continue to drive our economy forward!” the statement read.
