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National Payments Corporation of India (NPCI) has recently issued a circular stating that an interchange fee of 1.1% will be levied on UPI transactions made via prepaid instruments.
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✅After a lot of confusion among consumers, it was further clarified that these charges are only applicable to merchants and not to consumers.
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✅Further, only the transactions, where merchants pay through prepaid instruments like wallets, gift cards, smart cards, and vouchers and does a transaction of more than Rs. 2,000 will attract such charges.
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✅Hence in no scenario customer is liable to pay such charges.
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The interchange fee will vary from merchant to merchant, ranging between 0.5 to 1.1%. A fee of 0.5% is chargeable on categories like fuel, agriculture, utility payments, and education.


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