National Payments Corporation of India (NPCI), which owns and runs the Unified Payments Interface (UPIhas clarified that it will not impose fees on ‘regular’ UPI transfers.
Issuing clarification on Wednesday it said that it has implemented fees on UPI transactions only on Prepaid Payment Instrument (PPI). It added that charges are not levied on regular bank-to-bank UPI transactions.
As per a recent NPCI circular, UPI transfers conducted through PPI such as wallets will incur an interchange charge of up to 1.1%. This implies that a PPI payment made via UPI, i.e. a transaction made using a wallet balance after scanning a UPI QR code will be charged an interchange fee above ₹2,000.
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