Himani Chowdhary Instagram – Starting from 1st April 🫡
🔷 NPCI has suggested that UPI transactions made via prepaid instruments, such as Paytm, Phone pay wallets or gift cards will attract an interchange fee of upto 1.1% for transactions greater than ₹2000 from April 1, 2023
🔷 So you don’t have to pay any fee if you are sending money to your friends, relatives as the fee is not applicable to Peer to Peer (P2P) or Pear to Merchant (P2PM) transactions
🔷 Its only to be paid by merchants if payment is made through Prepaid Payment Instruments (PPI)
👉🏻 Wallets, smart cards, vouchers, magnetised chips come under prepaid payment instruments.
👉🏻 A few examples are the Paytm wallet, PhonePe wallet, Amazon Pay, MobiKwik wallet, SODEXO vouchers.
🔷 An interchange fee of 0.5% will be levied for categories such as fuel, education, agriculture, and utility payments. Categories such as convenience stores, and specialty retail outlets will have an interchange fee of 1.1%
#upi #upipayments #money #finance #indiangovernment #digitalpayment #digitalservices #smallbusiness #smallbusinessindia #paytm #phonepay #reels
✅ Follow @thehimanichaudhary for practical knowledge on Personal Finance | Posted on 30/Mar/2023 16:42:48
