PPI Wallet transactions of over ₹2,000 on UPI to attract 1.1% charge from April 1
The Hindu
Starting April 1, 2023, merchant transactions over ₹2,000 done through PPI wallets on UPI will attract an interchange charge of 1.1%.
Starting April 1, 2023, merchant transactions over ₹2,000 done through Prepaid Payment Instrument Wallets (PPI Wallets) on UPI will attract an interchange charge of 1.1%. This has been allowed by National Payments Corporation of India (NPCI) which governs UPI.
However, there will be fee to be charged for normal UPI transactions.
The Interchange fee is generally associated with card payments to cover transaction cost.
In a statement, NCPI said as per recent regulatory guidelines, the PPI Wallets have been permitted to be part of interoperable UPI ecosystem.
“The interchange charges introduced are only applicable for the PPI merchant transactions. And there is no charge to customers.”
“It is further clarified that there are no charges for bank account to bank account based UPI payment (normal UPI payments),” NPCI said.
Banks remained tight lipped to comment on this isssue.
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