Interchange fee of 1.1% on UPI transactions above ₹2,000 may be similar to IMPS charges2 min read 02 Apr 2023, 02:27 PM IST
NPCI's interoperability guidelines make PPI wallets more appealing to customers. The move is likely to eliminate the need for carrying multiple cards on the customers' front and that as result would minimize the danger of fraud and theft owing to the exposure of card numbers.
The NPCI's wallet interoperability norms have gone live from April 1st. Amidst allowing prepaid payment instruments (PPI) wallets to be part of an interoperable UPI ecosystem, the NPCI has also fixed an interchange fee of 1.1% for using PPIs for transactions above ₹2,000 using UPI. Although the overall move is significantly beneficial for customers, however, the charges of 1.1% are likely to be similar to those transactions carried through IMPS for UPI merchants henceforth.
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