Digital bills company, Paytm, on Wednesday clarified doubts over National Payments Corporation of India’s (NPCI) newest round notifying that an interchange price of as much as 1.1% shall be appropriate on service provider UPI (Unified Payments Interface) transactions from April 1. In a tweet , the monetary tech company steered to not unfold incorrect information because it stated that “no customer will pay any charges on making payments from UPI either from bank account or PPI/Paytm Wallet.”
“Regarding NPCI circular on interchange fees & wallet interoperability, no customer will pay any charges on making payments from #UPI either from bank account or PPI/Paytm Wallet. Please don’t spread misinformation. #Mobile payments will continue to drive our economy forward!” learn Paytm’s tweet.
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Welcoming the verdict via the virtual bills regulatory frame, Paytm stated on Tuesday, “We are excited to announce that Paytm Wallet will soon be universally acceptable on all UPI QRs and online merchants. We welcome NPCI interoperability guidelines that allow Paytm Wallet to be used in every nook and corner of the country.”
Elaborating at the charges being levied on transactions above 2,000, it stated “Strengthening our trade, with this transfer we will be able to earn further interchange income. We pays 15 bps of fees to banks for including greater than 2,000 the use of UPI, and also will earn 15 bps when some other wallets use Paytm financial institution so as to add greater than 2,000 the use of UPI.”
Earlier in the day, NPCI also clarified the same as it issued a statement and said, “UPI is free, fast, secure and seamless. Every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts.”