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    Vikshita Vitthal Gujaran in News

    29-Mar-2023 05:46 AM


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    Govt introduces surcharge for Gpay, Paytm, others on transactions above ₹2,000

    The National Payments Corporation of India (NPCI) has issued a circular in which it suggested "Prepaid Payment Instruments (PPI)" fees on merchant transactions on Unified Payments Interface (UPI).
    The governing body of the UPI payment system added that the PPI fees would be levied on transactions above ₹2,000 on #UPI.
    It will result in an interchange at 1.1% of the transaction value.
    The interchange fee is levied to cover the costs of accepting, processing, and authorising transactions.
    The new rule will be implemented from 1 April.
    NPCI will review the stated pricing on or before 30 September

    Source - MINT