National Payments Corporation of India (NPCI) on Wednesday mentioned there isn’t a cost for the checking account to financial institution account-based UPI funds or regular UPI funds. However, interchange costs are solely relevant for the pay as you go cost devices (PPI) service provider transactions and there’s no cost to clients, NPCI clarified in an announcement.
NPCI has permitted the PPI wallets to be a part of interoperable UPI ecosystem and levied 1.1 p.c cost on unified cost interface (UPI) transactions above Rs. 2,000 whereas utilizing PPI.
“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),” it mentioned.
With this addition to UPI, the purchasers may have the selection of utilizing any checking account, RuPay Credit card and pay as you go wallets on UPI-enabled apps, it mentioned.
In current occasions, it mentioned, UPI has emerged as the popular mode of digital cost by providing free, quick, safe and seamless expertise.
Traditionally, it mentioned, essentially the most most popular methodology of UPI transactions is linking the checking account in any UPI-enabled app for making funds which contribute over 99.9 p.c of complete UPI transactions.
These financial institution account-to-account transactions proceed to stay free for clients and retailers.
