The National Transaction Steering Committee (NCO) is planning to charge for UPI transactions from April 1. Payments above Rs. 2,000 from mobile wallets will attract 1.1 per cent, supermarkets - 0.9 per cent, post offices and education - 0.7 per cent, and petrol and diesel - 0.5 per cent.
New Delhi: The National Commission for Transactions (NCTC) has announced that UPI transactions will be charged from April 1.
From hawkers to small shops and trolley vendors, many sections have shifted to UPI transactions after the Covid period. Due to this, online transactions have increased considerably. UPI transactions play an important role in this.
In this case, the National Transaction Corporation is planning to charge for UPI transactions. Accordingly, the National Transaction Corporation has decided to charge a fee of 1.1 per cent for making payments to merchants from your mobile wallet. The toll collection norms will come into effect from April 1, 2023.
In a circular issued by the National Exchange Commission in this regard, 1.1 percent fee will be charged only for transactions with a value of more than Rs. 2,000. "When you make payments above Rs. 2,000 to merchants via your mobile wallet, you will be charged 1.1 percent for it. The payment system will come into effect from April 1, 2023.
Accordingly, a fee of 0.9 percent will be levied on supermarkets, 0.7 percent for cash transactions such as telecom, post office, education, agriculture, real estate, and 0.5 per cent for cash transactions for fuel consumption. Also, one person will not be charged for sending money to another person.
On the contrary, money will only be charged when one person sends money to another dealer. This payment method will be levied only when money is sent from the mobile wallet. You will not be charged when you send money directly from your bank account," stated the circular.
From hawkers to small shops and trolley vendors, many sections have shifted to UPI transactions after the Covid period. Due to this, online transactions have increased considerably. UPI transactions play an important role in this.
In this case, the National Transaction Corporation is planning to charge for UPI transactions. Accordingly, the National Transaction Corporation has decided to charge a fee of 1.1 per cent for making payments to merchants from your mobile wallet. The toll collection norms will come into effect from April 1, 2023.
In a circular issued by the National Exchange Commission in this regard, 1.1 percent fee will be charged only for transactions with a value of more than Rs. 2,000. "When you make payments above Rs. 2,000 to merchants via your mobile wallet, you will be charged 1.1 percent for it. The payment system will come into effect from April 1, 2023.
Accordingly, a fee of 0.9 percent will be levied on supermarkets, 0.7 percent for cash transactions such as telecom, post office, education, agriculture, real estate, and 0.5 per cent for cash transactions for fuel consumption. Also, one person will not be charged for sending money to another person.
On the contrary, money will only be charged when one person sends money to another dealer. This payment method will be levied only when money is sent from the mobile wallet. You will not be charged when you send money directly from your bank account," stated the circular.