PPIs on UPI to attract 1.1 pc interchange from Apr 1: NCPI

The interchange per cent will not be uniform and certain merchant categories would be levied 0.5 per cent.

Update: 2023-03-29 04:39 GMT
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CHENNAI: National Payments Corporation of India (NCPI) informed that an interchange fee of 1.1 per cent would be applied on merchant UPI for payments over Rs 2,000 made through Prepaid Payment Instruments (PPIs), i.e wallets and cards, to large online and small offline merchants, starting from April 1.

Interchange will not levied on peer-to-peer (P2P) and peer-to-peer merchant (P2PM) transactions. The PPI issuer, however, would be required to pay 15 basis points to the remitter bank as "wallet loading service charge" for loading over Rs 2,000.

The pricing would be reviewed by NCPI on September 30, 2023.

Here is the list of some of the essential services its interchange:

FUEL

Interchange - 0.5 pc

Cap - NA

CONVENIENCE STORE

Interchange - 1.1 pc

Cap - NA

TELECOM

Interchange - 0.7 pc

Cap - NA

MUTUAL FUNDS

Interchange - 1 pc

Cap - Rs 15

EDUCATION

Interchange - 0.7 pc

Cap - Rs 15

INSURANCE

Interchange - 1 pc

Cap - Rs 10

POST OFFICE

Interchange - 0.7 pc

Cap - NA

GOVERNMENT

Interchange - 1 pc

Cap - Rs 10

RAILWAYS

Interchange - 1 pc

Cap - Rs 5

AGRICULTURE

Interchange - 0.7 pc

Cap - Rs 10

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