From April 1, UPI transactions will become expensive, these transactions will be charged for payment of more than Rs 2000!

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The government has issued an order regarding the change in the UPI rules from April 1. NPCI which administers UPI notified the change in these rules through a circular dated 24 March 2023. According to this notification, if a person transfers an amount of more than Rs 2,000 through a prepaid payment instrument like a mobile wallet, then he will have to pay the interchange fee. Payment instruments like cards and wallets are covered under PPI.

So now how much charge have to be paid

According to a report, NPCI's circular for Rs. This interchange fee will be charged only on payment transactions above 2,000. This fee is usually Rs. 2,000 will total 1.1 percent of the amount. NPCI has fixed different interchange fees for different regions. The agriculture and telecom sectors will be charged the lowest interchange fees. This charge is payable only to users who pay for merchant transactions.

Who does not have to pay this fee?

According to the National Payments Corporation circular, no charges will be levied on transactions between P2P and P2PM bank accounts and PPI wallet. After implementing this new rule from April 1, NPCI will review it before September 30, 2023.

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