A circular from the National Payments Corporation of India states that beginning on April 1, merchants using Prepaid Payment Instrumentation (PPI) to conduct transactions over the Unified Payments Interface (UPI) will be charged (NPCI).

 

The National Payments Corporation of India (NPCI) has issued a circular stating that merchants conducting transactions on the Unified Payments Interface (UPI) using Prepaid Payment Instruments (PPI) will be charged an interchange fee of 1.1% on the transaction amount for amounts over Rs 2,000.

 

For merchant categories under industry programs, the interchange fee is different. In addition, a wallet-loading service charge of approximately 15 basis points will be paid by the PPI issuer to the remitter bank, but no interchange fee will be applied to peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions between bank accounts and PPI wallets.