UPI payment method has changed the attitude of making payments between every individual and now it is announced that merchant transactions above Rs 2000 will be charged.
The National Payments Corporation of India (NPCI) has confirmed that all merchant transactions made above Rs 2,000 via Unified Payments Interface (UPI) will be charged and the new rule will be implemented from April 1. It is confirmed that all merchant transactions above Rs 2,000 will be charged 1.1 per cent and the charge will be dubbed as the interchange rate.
The transaction value/amount (using prepaid payment instruments, or PPI) shall apply to payments made to all online merchants. It is worth mentioning that the new rule is not applicable to individual payments and payments between individuals and merchants.
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