UPI Transaction Charges From April 2023: After the introduction of UPI, there has been a big revolution in the field of digital payments in the country. Today, small shopkeepers to large e-commerce companies are connected to the UPI network. In the past few years, there has been a record growth in transactions through UPI. Today, most of us prefer to pay through UPI. However, from the new financial year i.e. from April 1, for amounts above Rs 2,000, using PPI on UPI will be charged 1.1 percent of the transaction value. NPCI (National Payments Corporation of India) has issued a circular related to UPI. It calls for a PPI levy on merchant payments made through prepaid payment instruments i.e. UPI.  So let’s know the detailed information about it –

UPI Transaction Charges From April 2023

UPI Transaction Charges has to be paid in the amount of more than 2 thousand

• According to media reports, NPCI’s circular said that interchange fees will be charged for transactions above 2 thousand.
• Under this, over 2 thousand transactions through UPI to PPI will have to pay a total interchange fee of 1.1 percent.
• NPCI’s press release informed that Prepaid Payment Instrument (PPI) has been allowed to link with UPI’s interoperable ecosystem.
• In this case, the PPI merchant will have to pay an interchange fee to carry out the transaction. There is no interchange fee for transferring money from bank account to bank account.
• Interchange charges are applicable on trade transactions.
• At the same time, the circular also states that transactions between bank accounts and PPI wallets between peer-to-peer and peer-to-peer merchants will not incur any charges.

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UPI Transaction Charges will be applicable from April 1

• Charges on UPI transactions from 1 April this rule will come into effect from 1st April 2023.
• At the same time, the National Payments Corporation of India will hold its review meeting before September 30, 2023, after the implementation of this rule.