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Tuesday, November 30, 2021

News of charge on UPI transaction wrong, NPCI clarifies

The NPCI has said that from 1 January 2021, the news of charge on UPI transaction is incorrect.

There is no charge on UPI transactions in the country from today. National Payments Corporation of India (NPCI) has issued a statement in this regard. The NPCI has said that from 1 January 2021, the news of charge on UPI transaction is incorrect. With this, he has also requested all the people not to fall prey to such wrong information. NPCI has appealed to all customers not to believe in such stories and to continue any interruption and easy UPI transaction.

There were reports of changing the rules related to UPI

Earlier there were reports that from today a rule related to UPI is changing. There were reports that NPCI has imposed a 30 per cent limit on the total volume of processed transactions in UPI applicable to all third party app providers (TPAPs). This rule will come into force from 1 January 2021. The 30 per cent limit will be calculated based on the total volume of transactions processed in UPI during the last three months.

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What is UPI?

Unified Payments Interface (UPI) allows users to transfer money, electricity, mobile phones, broadband, etc. to pay bills. Apart from this, users can buy and renew insurance policies from it, give donations in relief funds, recharge mobile phones, DTH connections and metro cards. Through UPI, users can book movie, bus and train tickets. Apart from this, customers can also pay bills at restaurants, grocery stores and other shops using UPI.

With UPI, users can transfer money at any time on a real-time basis. In this, they can use more than one bank accounts and there is no need to disclose information of one bank account to the other party.

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