UPI Payment: NPCI has issued a notification on March 30 informing that customers will not have to pay any kind of fee for payment through UPI. PPI Wallet charges to be paid by the merchants.
UPI Payment: UPI i.e. Unified Payment Interface has become an important part of the life of common people in India. People can transfer money from one account to another only through mobile number without the hassle of bank account number.
To transact money, UPI users can save and transfer money in two ways. The first way is to transact money directly from your bank account to another’s account by scanning the QR code. In the second option, by storing money in the wallet of that UPI app or making payment through credit card.
UPI payment can also be done through wallet
The National Payment Corporation of India has made Prepaid Payment Instruments (PPI Wallets) a part of the interoperable UPI ecosystem. In such a situation, users can now transfer money to another account through wallet, but for this only one condition has to be fulfilled. That merchant must have opted for this facility.
To opt for this facility, that merchant will have to pay an interchange charge of 1.1 per cent. This charge will be applicable only on PPI Merchant Transactions (Prepaid Payment Instruments Merchant Transactions) and for this customers will not have to pay any kind of fee. Keep in mind that this PPI Charge will be applicable only on the amount above Rs 2,000.
These benefits will be available by making the wallet an inter-operable UPI ecosystem
After this step of NPCI, now UPI Wallet has also been recognized to be a part of the inter-operable UPI ecosystem. With this, UPI users will now get more options for making payments. Earlier users could make payment only through bank account, but now Rupay credit card and now wallet has also been added to it.
How to make UPI payment through wallet
- It is very easy to make payment to the merchant through the wallet. In this, customers will not have to pay any kind of fee. The PPI charge will have to be paid to the merchant who is taking the money.
- To pay money from the wallet, you must first add money to the wallet of the UPI app from your bank account or credit card.
- After this you scan the QR code. As soon as you scan, you will see the payment amount.
- After this, you will see the option of bank account or wallet for payment.
- Make the payment easily by choosing any one.
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