Starting from April 1, merchants carrying out transactions through the Unified Payments Interface (UPI) using Prepaid Payment Instruments (PPI) will be subjected to charges, according to a circular issued by the National Payments Corporation of India (NPCI).
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The National Payments Corporation of India (NPCI) has issued a circular stating that merchants conducting transactions on the Unified Payments Interface (UPI) using Prepaid Payment Instruments (PPI) will be charged an interchange fee of 1.1% on the transaction amount for amounts over Rs 2,000.
For merchant categories under industry programs, the interchange fee is different. In addition, a wallet-loading service charge of approximately 15 basis points will be paid by the PPI issuer to the remitter bank, but no interchange fee will be applied to peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions between bank accounts and PPI wallets.
You may also read this:
Malaysia has placed the district of Serian in the state of Sarawak in an emergency…
Nvidia has entered into a deal to buy Hugging Face for $12.93 billion, signifying a…
The foreign exchange reserves of India have surged $11.475 billion to reach an all-time high…
Ig Nobel Prize 2026 once again honored scientific research that might seem odd at first…
Teachers’ Day 2026 offers a chance to honor those teachers who influence our thought process,…
Teachers’ Day 2026 will be celebrated in India on September 5 which is the birth…