Thursday, June 20, 2024

No customer will pay any charges, clarifies Paytm on new UPI interchange fee

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.

Paytm Payments Bank said that that the interchange fees will not be applicable on customers. This means that consumers will not have to bear any burden of paying extra charge on making payments from UPI either via bank account or Paytm wallet.

“We have an important announcement. 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 2,000 while using PPI.

“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.

National Payment Corporation of India (NPCI) via its official Twitter handle has issued a statement clarifying that there is no charge to customers. As per the rule, the interchange charges are applicable for Prepaid Payment Instruments (PPI).

Additionally, there are no charges for the bank account to bank account based UPI payments i.e. normal UPI payments. “With this addition to UPI, the customers will have the choice of using any bank accounts, Rupay Credit card and prepaid wallets on UPI enabled apps,” NPCI’s Twitter post further clarifies.

“UPI is free, fast, secure and seamless. Every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts,” NPCI says.

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