UPI over ₹2000 will be taxed | UPI | Transaction fee- Watch Video

Saumya JaiswarPublish Date: 30 Mar, 2023

If you've read about being charged for a UPI payment and are surprised, then you should be sure. As of April 1, there are no additional fees associated with UPI payments. On Wednesday, NPCI (National Payment Corporation), the company in charge of the nation's Unified Payment Interface, made it clear that UPI customers do not incur any additional fees for the transaction. There have been rumours that UPI transactions over Rs 2000 require a fee. NPCI has now said that clients are not required to pay any such fee. Interchange fees will be charged for transactions carried out via prepaid payment instruments, such as prepaid wallets.

New Rules on NPCI on UPI Payment

NPCI said today that the old system on payment from UPI remains as it is, there is no change in this payment system. There is still no charge on payments up to ₹ 2000. That is, there is no charge on the payment made from the bank account to any other bank account. But the merchant will have to pay a charge on UPI payments made through pre-paid wallets. This will not affect the customer as the number of such transactions is less than 1%. NPCI said that UPI is free, fast, secure and seamless. Every month, 8 billion transactions are processed for customers and merchants through bank accounts, which are free.

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