National Payments Corporation of India (NPCI) ne clear kiya hai ki UPI payment par customers se koi charge nahi liya jayega. NCPI ke statement ke anusaar, UPI bilkul free, fast aur secure hai. UPI ke madhyam se mahina bhar mein customers aur dukaandaaron dwara 8 billion transactions kiye jaate hain. Sarkar ki is statement ka media report ke upar aana is baat ka jawaab hai, jismein 2000 rupees se adhik ke payments par 1.1% ka charge liya jaane ki khabar thi.
Purana system waisa hi rahega
Sarkar ki statement ke anusaar, UPI ke madhyam se payment ke purane system mein koi badlaav nahi kiya jaayega. Purane payment system mein abhi bhi 2000 rupees tak ke payments par koi charge nahi hai. Bank account se kisi aur bank account mein payment karne par bhi koi charge nahi dena padega. Statement mein kaha gaya hai ki prepaid wallet ke madhyam se ki gayi UPI payment par dukaandaar ko charge dena padega. Yeh customer ko kisi prakaar se prabhaavit nahi karega, kyunki transaction key 1 se kam hai.
Kuch media reports ke anusaar, Google Pay, Paytm ya Phone Pay ke madhyam se 2000 rupees se adhik ke transactions par ek surcharge lagaaya jaayega. Media report mein yeh bhi kaha gaya hai ki 1 April se yeh 1.1% ka charge dukaandaar customers se liya jayega. Iska review 30 September 2023 se pehle kiya jaayega. Ek report mein bataaya gaya hai ki 70% UPI transactions 2000 rupees se adhik ke hote hain.
Many individuals who use UPI have received some FANTASTIC NEWS that is bound to bring them Great JOY.
Good news for UPI users! Crores of people will be happy to hear that they won’t be charged for making UPI payments, as clarified by the National Payments Corporation of India (NPCI). Using UPI is completely free, fast and secure, and more than 8 billion transactions are done every month for customers and shopkeepers. The government stated that the old payment system through UPI will remain the same and no change is being made. Payments up to Rs 2000 have no charge, and payments made from a bank account to any other bank account are also free. Merchants will only have to pay a charge on UPI payments made through prepaid wallets. Several media reports on Wednesday morning claimed that transactions above Rs 2,000 through Google Pay, Paytm, or Phone Pay would attract a surcharge. However, it was clarified that this is not true and that UPI payments will remain free for customers.
National Payments Corporation of India (NPCI) clarified that using UPI for payment is completely free, fast and secure, and no charge will be taken from customers. The old payment system remains the same, with no charge for payments up to Rs 2,000 and bank-to-bank account transactions. However, merchants will have to pay charges on UPI payments made through prepaid wallets. This will not affect customers since the transaction fee is less than 1 percent. Media reports had claimed that transactions above Rs 2,000 through Google Pay, Paytm, or Phone Pay would attract a surcharge. These reports are false, and no such charge will be imposed on customers.
1st April se UPI payments par paise katne ka tareeka kya hoga?” in hindi
Unified Payments Interface (UPI) ne digital transactions ko bada revolution diya hai aur India mein payments ko aasan aur tezi se karne ka ek naya tareeka diya hai. Lekin, 1st April 2023 se, UPI transactions par paise kaatne ki saza hai. Iss saza ka tareeka kya hoga? Iss blog mein hum iss vishay par baat karenge.
Sabse pehle, iss baat ko samajhna zaruri hai ki UPI kya hai aur kaise kaam karta hai. UPI ek payment system hai jo mobile application ke through ek bank account se dusre bank account mein paise transfer karne ki suvidha pradaan karta hai. Yeh Immediate Payment Service (IMPS) platform par adharit hai aur aapko bank account details ki zarurat nahi padti hai, balki ek virtual payment address (VPA) ke through paise bhejne aur prapt karne ki suvidha pradaan karta hai.
Ab, 1st April se shuru hone wale charges ki baat karte hain. Reserve Bank of India (RBI) ne maand kiya hai ki UPI transactions par, prepaid payment instruments (PPIs) ke through, merchant transactions par 1.1% ka interchange fee lagaaya jaaega. Yeh charges kuch categories ke merchants ke liye alag-alag ho sakte hain. Telecom, education, aur utilities/post offices ke liye interchange fee 0.7% hoga, jabki supermarkets ke liye yeh 0.9% hoga. Insurance, government, mutual funds, aur railways ke liye interchange fee 1% hoga, fuel ke liye 0.5%, aur agriculture ke liye 0.7% hoga. Iss pricing ko NPCI 30 September 2023 tak review karega.
Yeh charges merchants ke account se kaat liya jaega, aur iss tarah paise kaatne ka seedha asar customers par nahi hoga. Iss tarah, agar aap kisi online store se koi product kharidte hain aur UPI ke through payment karte hain, toh merchant ko transaction ke liye 1.1% ka charge dena padega.
Lekin, zaruri hai ki yaad rahe ki yeh charges bank account to bank account-based regular UPI payments par nahi lagu hoga. Yeh charges sirf prepaid payment instruments ke through kiye jaane waale merchant transactions par hi lagu hoga.
Iss tarah se, 1st April 2023 se shuru hone wale UPI transactions ke charges ke baare mein humne aapko poori jaankari pradaan ki hai. Agar aap UPI transactions karte hain, toh aapko iss vishay par poori tarah se jaankari honi chahiye.
“Understanding the New Interchange Fee on Merchant Transactions via PPIs on UPI in India: A Comprehensive Guide”
Starting from April 1, 2023, an interchange fee of up to 1.1% will be applicable on merchant transactions made through prepaid payment instruments (PPIs) using the Unified Payments Interface (UPI) in India. However, no charges will be levied on regular UPI payments that are bank account to bank account-based. The National Payments Corporation of India (NPCI) has issued a circular clarifying that the charges will only apply to merchant transactions made through PPIs, and the interchange fee will vary for different categories of merchants. For instance, for telecom, education, and utilities/post offices, the interchange fee is 0.7%, while for supermarkets, it is 0.9% of the transaction value. An interchange fee of 1% will be levied on insurance, government, mutual funds, and railways, 0.5% for fuel, and 0.7% for agriculture. The pricing will be reviewed by NPCI on or before September 30, 2023.
Furthermore, the NPCI clarified that no charges will be levied on peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions. Prepaid payment instrument (PPI) issuers will be required to pay 15 basis points (bps) to the remitter bank as a wallet-loading charge for transactions over INR 2,000.
Last year in August, the Finance Ministry stated that UPI is a digital public good and that it was not considering levying any charges on transactions made through it. The Ministry tweeted that “UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means”. This statement came after the Reserve Bank of India (RBI) issued a discussion paper that said UPI, as a fund transfer system, is like the Immediate Payment Service (IMPS), and hence it could be argued that charges in UPI could be similar to those levied on IMPS fund transfers.
Are You Paying the Fee for UPI Transactions Above Rs 2,000? The Answer May Surprise You!
The Unified Payments Interface (UPI) has revolutionized the way we transfer money in India. It has made digital payments faster, easier, and more convenient than ever before. However, with every transaction, there is a fee that needs to be paid. The Reserve Bank of India (RBI) has mandated a 1.1% fee on UPI transactions above Rs 2,000. But who pays that fee? Let’s dive deeper into this topic.
Firstly, it’s essential to understand what UPI is and how it works. UPI is a payment system that enables users to transfer money from one bank account to another in real-time using a mobile application. It is based on the Immediate Payment Service (IMPS) platform and allows users to send and receive money using a virtual payment address (VPA) without the need for bank account details.
Now, coming to the fee charged on UPI transactions above Rs 2,000. The RBI has mandated that banks and payment service providers (PSPs) can charge a maximum of 1.1% of the transaction amount, subject to a cap of Rs 30 per transaction. This fee is called a Merchant Discount Rate (MDR) and is payable by the merchant or the person receiving the payment.
For example, if you are buying a product worth Rs 5,000 from an online store and pay using UPI, the store owner will have to pay a fee of Rs 55 (1.1% of Rs 5,000) to the bank or PSP that facilitated the transaction. However, if the transaction is below Rs 2,000, there is no fee charged.
It is essential to note that the MDR is not a direct charge on the customer. It is the merchant who has to bear the cost of the transaction, and the fee is deducted from the amount that customer would pay directly from bank.
“NPCI Announces Interchange Fees Only Applicable for PPI Merchant Transactions, No Charges for Customers on UPI Payments”
The National Payments Corporation of India (NPCI) today said that the interchange fees will only be applicable for the prepaid payment instruments (PPI) merchant transactions and there is no charge to customers.
The interchange fee varies for the different categories of merchants. It ranges from 0.5% to 1.1% and a cap is also applicable in certain categories.
The interchange fee will come into effect from April 1.
The move is reportedly aimed at increasing revenue for banks and payment service providers, who have been struggling with the high cost of UPI transactions.
The NPCI said that the interchange pricing will be reviewed by September 30, 2023.
Interchange will not be applied in the case of peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions.
There is also no charge for the bank account to bank account-based UPI payments or normal UPI payments, the NPCI clarified.
“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 said.
Paytm also took to Twitter to clarify that customers will not have to shell out extra while making payments through the UPI mode. “Please be informed that Paytm UPI is free, fast, secure, and seamless. No customer will pay any charges on making payments from UPI either from the bank account or PPI/Paytm Wallet,” it said in a tweet.
After the new rules, customers will have the choice of using any bank account, RuPay Credit card and prepaid wallets on UPI-enabled apps.
“Don’t Fall for UPI Transaction Surprises: Who Really Pays the 1.1% Fee and What You Need to Know!”
As per the Reserve Bank of India (RBI) guidelines, the merchant establishment where the UPI transaction is made will have to pay the 1.1% fee on UPI transactions above Rs 2,000. The fee is charged to the merchant bank account directly by the National Payments Corporation of India (NPCI), which manages the UPI platform.
However, the merchant may choose to pass on this fee to the customers as a convenience fee or surcharge. It is worth noting that charging customers an additional fee for UPI transactions is not permitted by the RBI. Therefore, if a merchant chooses to pass on the fee to the customer, they must include it in the overall price of the goods or services being sold.