BUSINESS

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BUSINESS

Interchange fee's impact on UPI

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Users confused

NPCI has introduced an interchange fee of up to 1.1% on UPI transactions done via prepaid payment instruments, leaving UPI users confused about its implications.

2

Interchange fee

Interchange fee is the amount paid to wallet issuers to cover the costs of accepting, processing, and authorizing transactions.

3

UPI fees vary widely

Interchange fees vary from 0.5% to 1.1% depending on the merchant, with food shops, retail outlets, and contractors attracting the highest fee.

4

No charges

Normal UPI transactions will not be charged, including peer-to-peer and peer-to-merchant transactions. The government has maintained UPI is for the public good.

5

Onus is on the merchant

The merchant or payment provider will pay the interchange fee for UPI payments made via wallet, not the users.