![]() PPI merchant transaction means, payment made through wallet. Here, the money is not saved in bank, rather stored in a separate digital entity. There are different players in the market that provide a dedicated wallet for customers such as Amazon Pay, Paytm Wallet and Phone Pe. PPI is an instrument which works as a digital wallet where you could load money and use it for different transaction. Please read the press release on the issue for more clarity,” Paytm Payments Bank said in a tweet. No customer will pay any charges on making payments from UPI either from bank account or PPI/Paytm Wallet. Paytm UPI is free, fast, secure, and seamless. It will be paid by merchants and not by customers.Īlso read: Paytm answers if customers need to pay fee on UPI payments after NPCI’s latest circular It has recently clarified that the bank account-to-bank account payments (normal transactions) made using UPI won't attract any charge. According to NPCI, payments above ₹2,000 made using UPI network will bear a surcharge or interchange fee of up to 1.1%.(Shutterstock)Īccording to NPCI, payments above ₹2,000 made using UPI network will bear a surcharge or interchange fee of up to 1.1% if it is done from a PPI platform, such as Paytm Wallet, Phone Pe. The regulator of Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has recently introduced a surcharge in digital payments made through prepaid payment instrument (PPI) such as mobile wallets. ![]()
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