Claim: All UPI transactions more than ₹2000 to be charged 1.1%, starting from April 1.
Fact-check: NPCI clarifies that all UPI transactions are free for general users, Interchange fee is for Merchants and Banks while using PPIs - FACTLY
Verdict: no charges will be applicable for regular upi based bank account payments, starting 01 april 2023. the circular issued recently by npci is related to upi based wallet payments. and even these interchange charges and service charges are borne by banks and wallet institutions, not the general consumers. npci has issued a clarification in this regard. hence the claim made in the post is misleading.
Organisation: FACTLY
Author: Chaitanya
Date published: 2023-03-31T05:08:48