Explained: All About New UPI Merchant Fees On Transactions Above Rs 2,000
New Delhi: Unified Payments Interface (UPI) transactions is all set to attract a fractional charge above Rs 2,000 for merchant payments from October 15 this year. Though the service does not charge on person-to-person transactions, the new framework would make a 0.4% charge on transactions made by consumers to merchants.
Notably, while the charge is capped at Rs 300 per transaction, one that the Finance Ministry has advised banks to ensure merchants don’t pass on to consumers.
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