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PPI merchant transactions of over ₹2,000 to attract 1.1% charge from April 1
Starting April 1, merchant transactions exceeding ₹2,000 in value done using Prepaid Payment Instruments (PPI Wallets) on #UPI will attract an interchange charge of 1.1%. However, “the new interchange charges are only applicable for the PPI merchant transactions and there is no charge to customers,” the National Payments Corporation of India (NPCI), which governs UPI,, said in a statement on Wednesday. “It is further clarified that there are no charges for the bank account to bank account based UPI payments (i.e. normal UPI payments),” the NPCI added. The Interchange fee is generally associated with card payments to cover transaction cost. In the statement, NCPI said as per recent regulatory guidelines, the PPI Wallets had been permitted to be part of the interoperable UPI ecosystem. Rajsri Rengan, India Head of Development, Banking and Payments, at FIS said in a statement, ”The new interoperability guidelines for prepaid payment instruments announced by the NPCI is a significant step towards building a more inclusive and seamless digital payments ecosystem in India.” Source - The Hindu
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