Paytm has issued a clarification regarding UPI-related fees after the National Payments Corporation of India (NPCI) notified that merchant transactions of over Rs 2,000 done through UPI (Unified Payments Interface) will attract up to a 1.1% interchange fee.
The digital payment firm stated that customers wouldn’t be required to pay any charges for UPI transactions. Paytm Payments Bank on Wednesday said that customers will not be charged on making payments from UPI either from bank account or PPI/Paytm Wallet.
“We have an important announcement. (Interchange Fee UPI) Paytm UPI is free, fast, secure, and seamless. No customer will pay any charges on making payments from UPI either from bank account or PPI/Paytm Wallet. Please read the @NPCI_NPCI press release on the issue for more clarity,” tweeted Paytm Payments Bank.
National Payments Corporation of India (NPCI) has permitted the Prepaid Payment Instruments (PPI) wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI.
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“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. NPCI had said that PPI fees would be applied to merchant transactions on UPI starting from April 1.
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