No Charges for UPI Transactions: NPCI Puts End to Interchange Fees and Wallet Fees

There have been rumors spreading on social media platforms regarding UPI transactions, claiming that from April 1st, there will be charges of over 2000 Rs. for such transactions. However, these claims are completely false and baseless.

The National Payments Corporation of India (NPCI) has issued a circular clarifying that there will be no charges for UPI (Unified Payments Interface) transactions, regardless of the amount, either from bank accounts or PPI/Paytm Wallets.

It is important to verify the information before spreading it on social media to avoid creating confusion and panic among users. The circular has been issued in response to rumors and misinformation that had been spreading regarding interchange fees and wallet interoperability.

The NPCI has reiterated that all UPI transactions are free for customers, and there are no charges for transferring money between bank accounts or from PPI/Paytm wallets. The circular also clarified that there are no charges for using UPI to pay for goods and services at merchant outlets.

The NPCI has urged the public not to believe any rumors or misinformation that suggests otherwise. The organization has emphasized that the UPI platform is designed to be simple, secure, and cost-effective, and is committed to ensuring that customers are not charged any unnecessary fees or charges.

In addition to the clarification on fees, the NPCI has also emphasized the importance of wallet interoperability, which allows customers to make payments seamlessly across different payment platforms.

The organization has stated that it is committed to promoting wallet interoperability, which will help to create a more inclusive and accessible payment ecosystem for all customers.

Overall, the NPCI circular serves as a reminder to customers that UPI transactions are free, and that they should not believe any rumors or misinformation to the contrary.

The organization’s commitment to promoting wallet interoperability also bodes well for the future of India’s payment ecosystem and should help to create a more seamless and efficient payment experience for all.