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What UPI Charges Are
Introduced? No Charge For Customers
The National Payments
Corporation of India (NPCI) recently announced a new policy that will levy
a 1.1% charge on UPI merchant transactions above Rs 2,000 from
April 1, 2021. The move is aimed at promoting the adoption of digital payments
in the country and supporting the development of digital payments
infrastructure.
Shortly after the
announcement, rumors about UPI app users being charged for online payments
began to spread, and miscreants were quick to capitalize on the confusion.
However, Paytm Payments Bank has moved to address this issue, taking to Twitter
to clarify that an interchange fee will not be imposed on customers. As a
result, consumers will not be required to pay any additional charges
when making payments via UPI, whether through their bank account or Paytm
wallet
Marchent Will Pay an
Extra Charge:
Under the new policy,
merchants who accept UPI payments for transactions above Rs 2,000 will have to
pay an additional 1.1% charge on top of the existing charges they pay to banks
for accepting payments through UPI. The additional charge is expected to
generate revenue for the government and help fund the development of new
payment technologies and infrastructure.
Influences On Marchent:
While the new policy has
been invited by some as a stage towards building a strong online payment
ecosystem system in India, others affect shippers. Small vendors, who work on
slight edges, may find it hard to assimilate the extra expense, while large
merchants might have the option to haggle better terms with banks to
counterbalance the effect of the new strategy.
Considerations Of NPCI:
The NPCI has defended the
new policy, expressing that guaranteeing the maintainability of UPI activities
and backing the development of advanced payment in the country is essential.
The UPI system has played a basic impact in the public authority's push towards
a cashless economy and has empowered a huge number of Indians to get to digital
payment services.
The effect of the new
approach on vendors and customers is supposed to be mixed. While it might
prompt some momentary disturbance, it is normal to help the development of
digital payment over the long haul and promote financial inclusion in the
country.
What UPI Charges Are
Introduced? No Charge For Customers
The National Payments
Corporation of India (NPCI) recently announced a new policy that will levy
a 1.1% charge on UPI merchant transactions above Rs 2,000 from
April 1, 2021. The move is aimed at promoting the adoption of digital payments
in the country and supporting the development of digital payments
infrastructure.
Shortly after the
announcement, rumors about UPI app users being charged for online payments
began to spread, and miscreants were quick to capitalize on the confusion.
However, Paytm Payments Bank has moved to address this issue, taking to Twitter
to clarify that an interchange fee will not be imposed on customers. As a
result, consumers will not be required to pay any additional charges
when making payments via UPI, whether through their bank account or Paytm
wallet
Marchent Will Pay an
Extra Charge:
Under the new policy,
merchants who accept UPI payments for transactions above Rs 2,000 will have to
pay an additional 1.1% charge on top of the existing charges they pay to banks
for accepting payments through UPI. The additional charge is expected to
generate revenue for the government and help fund the development of new
payment technologies and infrastructure.
Influences On Marchent:
While the new policy has
been invited by some as a stage towards building a strong online payment
ecosystem system in India, others affect shippers. Small vendors, who work on
slight edges, may find it hard to assimilate the extra expense, while large
merchants might have the option to haggle better terms with banks to
counterbalance the effect of the new strategy.
Considerations Of NPCI:
The NPCI has defended the
new policy, expressing that guaranteeing the maintainability of UPI activities
and backing the development of advanced payment in the country is essential.
The UPI system has played a basic impact in the public authority's push towards
a cashless economy and has empowered a huge number of Indians to get to digital
payment services.
The effect of the new
approach on vendors and customers is supposed to be mixed. While it might
prompt some momentary disturbance, it is normal to help the development of
digital payment over the long haul and promote financial inclusion in the
country.