NPCI has announced new UPI rules for merchants starting from April 1. image credit: Google

Merchants will be charged 1.1% for P2M transactions above Rs 2,000 made through mobile wallets on UPI. image credit: Google

Bank-to-bank transactions on UPI will remain free. image credit: Google

Prepaid Payment Instruments (PPI) such as mobile wallets have been sanctioned to be included in the UPI ecosystem. image credit: Google

Consumers will have two payment options at a merchant outlet through a UPI QR code. image credit: Google

Wallet transactions offer the benefit of keeping all routine transactions in one place. image credit: Google

Wallets can be funded through various payment modes including credit cards or bank accounts through UPI. image credit: Google

The new transactions will be incremental for the merchant. image credit: Google

The overwhelming majority of UPI transactions are bank-to-bank transactions. image credit: Google

The UPI platform has over 100 million active users monthly in India. image credit: Google