Mumbai: The National Payments Corporation of India (NPCI) today clarified that there will be no charge on normal UPI transactions for customers and merchants.
“Traditionally, the most preferred method of UPI transactions is linking the Bank account in any UPI enabled app for making payments which contributes over 99.9% of total UPI transactions. These Bank account-to-account transactions continue to remain free for Customers and Merchants,” the NPCI said in a statement.
“Recent regulatory guidelines, the Prepaid Payment Instruments (PPI Wallets) have been permitted to be part of the interoperable UPI ecosystem. In view of this, NPCI has now permitted the PPI wallets to be part of the interoperable UPI ecosystem. The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account based UPI payments (i.e. normal UPI payments),” the corporation said.
With this addition to UPI, the customers will have the choice of using any bank accounts, RuPay Credit card and prepaid wallets on UPI enabled apps, it added.