NPCI MD and CEO Dilip Asbe said that the payment system is free for all users. There will be no change in any charges in respect of UPI payments from bank accounts.
National Payments National Payments Corporation of India i.e. NPCI has removed the confusion of charges levied before UPI transaction. On this charge applicable from April 1, 2023, NCPI said that UPI will remain free. Everyone can do speedy and secure transactions with this system.
NPCI MD and CEO Dilip Asbe said that the payment system is free for all users. There will be no change in any charges in respect of UPI payments from bank accounts. He said that UPI will be free for customers and traders to make payments from any bank account.
No change in any charges regarding UPI payments from bank accounts.
UPI continues to be free for Customers and Merchants for making payments from any bank account@NPCI_NPCI @UPI_NPCI https://t.co/C52I9julqW
— Dilip Asbe 🇮🇳 (@dilipasbe) Mar 29, 2023
Transaction will be free
After this comment, any confusion about being charged on some UPI transactions starting from 1st April has been removed. The organization operating the retail payment and settlement system in India said that the transaction from bank account to account holder and traders will be free.
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These people will have to pay the charge
In a big relief to UPI users in the country, NPCI said that the interchange charges introduced are applicable only on PPI merchant transactions and “there is no charge for customers. It further clarified that there are no charges for bank account to bank account-based UPI transactions i.e. normal UPI payments.
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What does the latest guideline say
As per the recent regulatory guidelines, Prepaid Payment Instruments (PPl Wallets) have been permitted to be a part of the interoperable UPI ecosystem. In view of this, NPCI has now allowed PPI Wallet to become a part of the interoperable UPI ecosystem. The interchange charges introduced are applicable only for PPI merchant transactions and there are no charges for customers, and it is further clarified that there are no charges for bank account-account UPI transactions for bank accounts.