The National Payments Corporation of India (NPCI) recently released a circular in which it has recommended a 1.1% interchange fee on certain merchant UPI transactions above Rs 2,000 made through prepaid payment instruments (PPI) like online wallets.
Chaos unfolded as a lot of people were confused because NPCI informed in the circular that changes will come into effect from April 1, 2023. UPI has been the most preferred mode of digital payment because it offers free, fast, secure and seamless experience, and every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts.
Several news reports surfaced that there will be a massive change for the UPI customers in transactions. NPCI has recommended, true, but who actually pays the interchange fee? Will customers bear the brunt of this? The answer is no.
NPCI said in its circular that Peer-2-Peer (P2P) and Peer-2-Merchant (P2PM) transactions between a bank account and Prepaid Payment Instruments will not require an interchange fee. Regarding recent regulatory guidelines, NPCI clarified that the interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account based UPI payments.
PayTm also took to Twitter to clarify that regarding NPCI circular on interchange fees and wallet interoperability, no customer will pay any charges on making payments from UPI either from bank account or PPI and Paytm Wallet.
Published: Devbrat Patnaik
Last updated: 29 March 2023, 09:37 PM IST
Under the order, stock limits applicable to each of the pulse individually will be 200 MT for wholesalers, 5 MT for retailers, 5 MT at each retail outlet, and 200 MT at depot for big chain retailers and last three months of production or 25 per cent of annual installed capacity, whichever is higher, for the millers.
This is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance to SBI Life, the statement added.
According to NSO, which comes under the Ministry of Statistics and Programme Implementation, the growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
The report further reveals that GST collections were showing upward trends over the years while digital transactions grew 76 per cent of the GDP.
Under the order, stock limits applicable to each of the pulse individually will be 200 MT for wholesalers, 5 MT for retailers, 5 MT at each retail outlet, and 200 MT at depot for big chain retailers and last three months of production or 25 per cent of annual installed capacity, whichever is higher, for the millers.
This is not a merger between the two companies but only a transfer of the policyholder related assets and liabilities of Sahara Life Insurance to SBI Life, the statement added.
LIVE TV
