NPCI has announced new UPI rules for merchants starting from April 1.
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Merchants will be charged 1.1% for P2M transactions above Rs 2,000 made through mobile wallets on UPI.
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Bank-to-bank transactions on UPI will remain free.
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Prepaid Payment Instruments (PPI) such as mobile wallets have been sanctioned to be included in the UPI ecosystem.
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Consumers will have two payment options at a merchant outlet through a UPI QR code.
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Wallet transactions offer the benefit of keeping all routine transactions in one place.
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Wallets can be funded through various payment modes including credit cards or bank accounts through UPI.
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The new transactions will be incremental for the merchant.
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The overwhelming majority of UPI transactions are bank-to-bank transactions.
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The UPI platform has over 100 million active users monthly in India.
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