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NPCI Clears Users Not to be Charged Due to PPI Interchange: New Rules for UPI Transactions from April 1, 2023

  • Posted on March 29, 2023
  • News
  • By Arijit Dutta
  • 523 Views
NPCI Clears Users Not to be Charged Due to PPI Interchange


NPCI Clears Users Not to be Charged Due to PPI Interchange:-


From 1st April onwards, UPI transactions above Rs 2,000, done through PPI, will carry a charge of 1.1 percent on itself.


What does this mean?

According to the new rules for Unified Payments Interface (UPI) transactions, that Shall be applicable from 1st April 2023, any transaction of more than Rs 2,000 that is carried out by the means of Prepaid Payment Instruments (PPI) shall bear an interchange fee of up to 1.1 percent. Prepaid Payment Instruments (PPI) include digital wallets, pre-loaded gift cards, etc. This interchange fee, which is charged at 1.1% of the transaction value, has been introduced to recoup the expenses of accepting, processing, and authorising transactions.


NPCI has issued a statement, stating, "The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers
NPCI Clears Users Not to be Charged Due to PPI Interchange


This notification has created a lot of confusion among the citizens. To clarify this uncertainty, the National Payments Corporation of India (NPCI), a body that governs the UPI payment system, has issued a circular stating that the interchange fees shall apply only to merchant transactions, that too based upon the merchant’s will.



The Takeaways

NPCI has issued a statement, stating, "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-based UPI payments (i.e. normal UPI payments)." This means that there shall not be any charges on the bank account to bank account-based UPI transactions, applying only to merchant transactions. From now on, customers can choose their desired bank account, RuPay Credit card, as well as a prepaid wallet on the UPI-enabled apps, making it easy for the merchants to Collect their payments.



This notification has created a lot of confusion among the citizens. To clarify this uncertainty, the National Payments Corporation of India (NPCI), a body that governs the UPI payment system,
NPCI Clears Users Not to be Charged Due to PPI Interchange

After the announcement, Paytm took to Twitter to state, “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".


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Arijit Dutta

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