UPI Transaction Charges: NPCI Says UPI Is Free, Fast, Secure and Seamless; Issues Clarification Regarding 1.1% Interchange Fee Applicable for PPI Merchants

The National Payments Corporation of India (NPCI) on Wednesday released a statement and said that UPI is free, fast, secure, and seamless. In its press release, NPCI said that over eight billion transactions are processed for free for customers and merchants using bank accounts every month. The news comes after several reports said that the NPCI recommended Prepaid Payment Instrument charges for UPI payments. As per reports, UPI merchant transactions over Rs 2,000 will now carry a charge of 1.1 percent from April 1. NPCI clarified that there will be no charge to customers and no charges for bank account-to-bank account-based UPI payments. Cash Transactions Decline As UPI To Drive India’s E-Commerce Market To Reach $150 Billion in 2026.

UPI Is Free, Fast, Secure and Seamless

NPCI Press Release: UPI is free, fast, secure and seamless

Every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts@EconomicTimes @FinancialXpress @businessline @bsindia @livemint @moneycontrolcom @timesofindia @dilipasbe pic.twitter.com/VpsdUt5u7U

— NPCI (@NPCI_NPCI) March 29, 2023

Interchange Charges Applicable for PPI Merchant Transactions

🔹No charge to customers and no charges for bank a/c to bank a/c based UPI payments ( i.e. normal UPI payments)

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