No charge on UPI payments, it is ‘FREE’: NPCI

Have UPI charges started from April 1? But you must have heard somewhere that only the merchants have to pay these charges. Or is the 410 on top of UPI to be given only to the payment companies? So you must have come to know one thing that the more people you talk to about UPI, whether UPI transaction is free now or if you will charge it now, you will get to hear different things.

After all, what is the truth of UPI? To whom Charges will be imposed and to whom it is still free? Do you also have to pay to spend your hard earned money? And the most important thing is that UPI is free, but where does the story of charges levied on it begin?

Where does the story of getting charged on UPI begin?

This whole story started on March 24 when NPCI came out with a circular under which PPI Charges would be levied on top of UPI. NPCI often brings out different types of circulars, but this circular has spread a lot because it is talking about putting money on a free thing.

What has NPCI said regarding UPI Charge?

According to the circular passed by NPCI on March 24, from April 1, merchants will have to pay a transaction fee on whatever payments they take under UPI, but when will they have to pay this thing when it is a prepaid instrument i.e. if a person’s Paytm wallet or have wallet in any other UP application, in that case the merchant will have to pay. If you pay more than 2000 then you will be charged 1.1%. So in such a situation this charge will not be levied on the customer but the shopkeeper who will receive the payment will be charged. This charge is not 1.1%, although this charge ranges from 0.5% to 1.1%.

So in such a situation, you have come to know that you will not have to pay any charge, but what if we tell you that you are being charged indirectly. Now you will say brother, what is this, you might have become a little confused too. So let us tell you below.

Are we also giving UPI Charge?

In today’s time, there are 40 crore UPI transactions in 1 day. So you know one thing, if you do any work related to internet, then the cost of technology and server comes in it. For example, let’s assume that the government spends 5000 to 6000 within 1 year if it wants to run UPI very well. But as you all know, the tax that we pay to the government is due to them, all these expenses are met. So in this way we are giving UPI Charges indirectly.

So in such a situation, now you must be thinking that we come back to cash, if the government imposes minimum charge on UPI, then if we use cash then we can save that charge. But friends, if I tell you that your cash is also not free, for example, if you use a debit card, then you have to pay an annual fee for that too. If you withdraw money from an ATM and that ATM is not near your home, you still have to pay the cost of your petrol or if you go by auto rickshaw. Like if I give my own example, if I want to withdraw money from ATM, then I have to go 6 km away to ATM, for which I have to take autorickshaw. So cash is not free at all.

Why impose Charges on UPI in NPCI?

Many PPI companies that give you the opportunity to use UPI within their applications have requested NPCI to impose some sort of UPI transaction charge. With the help of which he can also earn some revenue. So, in such a situation, NPCI accepted his words and also did not accept them. They have imposed UPI charge on transactions above 2000 but if we see the average UPI transaction size is less than ₹ 2000, then PPI company has not benefited much and there are very few people who charge so much. Spending large amounts from their wallets, many people get cash withdrawn directly from their bank accounts.

Can more charges be imposed on UPI in future?

For example, according to the circular passed on March 24, some transaction fees have started being imposed, but who knows, in the future, you may start seeing more different types of charges in different categories. According to us, it can also happen that UPI is free for some transactions and after that you are charged like it happens in ATM that you can use ATM two to three times within 1 day and after that you will be charged for ATM Charges are also levied on transactions. The same may happen in UPI as well.

But it’s all just theory till now, don’t know whether UPI will remain free or it may happen that you are reading this article now and today evening also a different type of charge has been introduced on UPI. So anything can happen with UPA.

You tell us in the comment section below whether UPI will be free forever or any charge will be imposed on it.

UPI Charge FAQ

What is NPCI?

NPCI is the Payment Corporation of India whose full form is National Payment Corporation of India, in Hindi it means National Payment Corporation of India.

Will money be deducted on UPI payment from April 1?

Yes, money will be deducted on UPI transaction from April 1, but give that money to the merchant. If a customer sends them an amount of more than two thousand through a prepaid payment instrument.

What is Prepaid Payment Instrument?

The biggest example of prepaid payment instrument is payment wallets like paytm wallet, phonepe wallet, how you put money in these wallets from bank account and you use them when your bank’s server is not working in some situation.

Will these Charges be visible to the common customer as well?

Yes, not at all, these Charges will be seen only by the shopkeepers, that too when a customer makes a payment of more than two thousand from the wallet, i.e. if that customer makes a payment of 5,000 but he is using a bank account, then also they are worried. There is nothing to do.

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