No need to Panic<\/p>\n\n\n\n
UPI Payments will remain free, nothing changes for you, there won\u2019t be any charge on UPI Bank Transfers
The new proposal is only applicable for Wallets\/PPI<\/p>\n\n\n\n
Where UPI transactions made via Prepaid Payments Instruments (Such as Wallets, Credit Cards) will have an Interchange Fees<\/p>\n\n\n\n
It will carry an Interchange Fee of 1.1% for payments made to merchants, that too only on transactions above \u20b92,000 made to online & offline merchants<\/p>\n\n\n\n
Again, Users don\u2019t need to pay anything, just the same way you use your Debit and Credit Card
You may also refer to the Official Circular by NPCI<\/p>\n\n\n\n
As explained earlier, the Interchange is only applicable when you make payments via Wallets (Paytm, PhonePe) that too is not charged to you
Clearly says, Unified Payments Interface (UPI) using Prepaid Payment Instruments (PPI) will be subjected to charges<\/p>\n\n\n\n
1.1% on the transaction amount for amounts over \u20b92,000<\/p>\n\n\n\n
Now How Wallets will work with UPI?<\/p>\n\n\n\n
You may have missed this but NPCI recently introduced Wallet Interoperability with UPI<\/p>\n\n\n\n
That means your Paytm, Amazon Pay or PhonePe etc Wallet Balance (Not Bank Account) can be used to pay on UPI
Two Facts \ud83d\udca1<\/p>\n\n\n\n
a) Majority of UPI Transactions are less than \u20b92000, so no Interchange at all<\/p>\n\n\n\n
b) Most people use UPI with Bank Accounts only.<\/p>\n","protected":false},"excerpt":{"rendered":"
No need to Panic UPI Payments will remain free, nothing changes for you, there won\u2019t be any charge on UPI Bank TransfersThe new proposal is only applicable for Wallets\/PPI Where UPI transactions made via Prepaid Payments Instruments (Such as Wallets, Credit Cards) will have an Interchange Fees It will carry an Interchange Fee of 1.1%… Continue reading UPI is Free for Users and you don\u2019t have to pay any charge or fees for Personal (P2P) & Merchant (P2M) Transactions<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/posts\/574"}],"collection":[{"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/comments?post=574"}],"version-history":[{"count":1,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/posts\/574\/revisions"}],"predecessor-version":[{"id":575,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/posts\/574\/revisions\/575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/media\/325"}],"wp:attachment":[{"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/media?parent=574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/categories?post=574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.svendus.com\/blog\/wp-json\/wp\/v2\/tags?post=574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}