Featured post
Charges on UPI transaction from 1st April 2023? Here is all you need to know
- Get link
- X
- Other Apps
Hi Users,
There is a lot of false news on social media about UPI related charges today. Please do not believe it!
These are the facts:
1. UPI payments are still free for all customers! You will NOT be charged for any P2P money transfer OR any merchant payments.
2. Merchants also will NOT be charged if the customer pays using *any bank account* using a UPI app. The transaction value does not matter. MDR is zero for ALL bank account based UPI payments
3. @NPCI_NPCI recently allowed PPIs/wallets to join the UPI network. For these *PPI-based* merchant payments some merchants will have to pay MDR.
- Zero charge to customers!
- Acquirer will pay PPI issuers an interchange fee (1.1%)
- Large/online merchants will pay acquirers MDR
4. Small offline shops will not pay any MDR on *PPI-based* UPI txns less than INR Rs 2,000.
This is NOT new btw. Merchants have paid MDR for PPI/Wallet transactions for several years. The only thing that is new is that now Wallet payments can happen via a UPI QR Code also.
Like || Follow || Share
- Get link
- X
- Other Apps
Comments
Post a Comment