Now a day transaction are used rather bank transfer and customer prefer to use UPI transaction it is easy to transfer the money to one account to another account it is easy way to transfer money. Transaction charges for a bank is free
According to reports, the National Payments Corporation of India (NPCI) has made a significant decision that may have an impact on customers who use mobile wallets like Google Pay, PayTM, and other similar apps as prepaid payment instruments (PPI). With effect from April 1, the NPCI is said to have imposed an interchange fee at 1.1% for business transactions started on the Unified Payments Interface (UPI) network.
The notification, according to sources, was delivered via an NPCI circular dated March 24. According to sources, consumers who utilise wallets to pay merchants on the UPI network will be responsible for the additional fees.
Bank account and the PPI wallet,”
According to the NPCI circular, “P2P (peer to peer) and P2M (peer to merchant) transactions should not be subject to exchange.”
Is there any charge to transfer wallet money
Before march 31, 2023 we use payment bank and transfer the money wallet to wallet but it is free from transaction but after March 31 2023 government rule are applied at the When you transfer the wallet amount to a Merchant account then it will be the attract the charges of 1.1% + GST.
When you transfer money wallet to wallet the 1.1% amount detected to vendor account
How much will I be charged for a UPI transaction?
Its free not a single penny charges when you transfer UPI money bank to bank
Are UPI payments going to attract charges in the future?
Now a day not any charges applicable.
Is UPI the payment engine of India?
Yes, UPI – The Payments Engine for Digital India
August’ 2016 was a watershed month for payments in India. It marked the advent of Unified Payment Interface (UPI) digital payments that has revolutionised the payments landscape for everybody in India, forever
what are UPI transaction charges
when you transfer wallet money then charged 1.1% and it can deduct in merchant account e.g. when you transfer wallet amount Rs2001 to merchant account then you transfer only Rs2001 and the amount received to merchant amount is to deduct 1.1%+GST ID Rs1979, And the amount paid to government Rs22 as a form of surcharge.
