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.
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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