Fees will have to be paid even if money is transacted through UPI, new rules may be in place from April 1

New Delhi: From April 1, if money is transacted through UPI, the charges may have to be paid after a certain limit. The surcharge may be applicable in GPay, Paytm, other transactions. The National Payments Corporation of India (NPCI) said in a release that the unified payment interface (UPI) has imposed a “prepaid payment instrument” charge on business transactions on the Unified Payment Interface (UPI).

The governing body of the payment system has said that in case of transactions made over Rs 2,000 through UPI, the PPI will be detected. Charges will be levied. As a result, 1.1% of the transaction value may be charged by the transactor. Exchange charges are also levied on transaction acceptance, processing and other expenses. Such a system is likely to make UPI transactions costlier. The new rule will come into effect from April 1 this year.