No charge on normal UPI transactions for customers, says NPCI

In an effort to clear the air surrounding the recent interchange charges, the National Payments Corporation of India (NPCI) has issued a statement clarifying that these fees will not be applicable to customers. Instead, they will only be imposed on prepaid payment instruments (PPI) transactions, such as gift cards and wallets. However, it's important to note that regular UPI payments made from bank accounts to bank accounts will not incur any charges. Starting from April 1, transactions exceeding Rs 2,000 made via PPIs through UPI will be subject to an interchange fee of up to 1.1 per cent. As always, NPCI remains committed to providing seamless and hassle-free payment experiences for all its users.