National Payments Corporation of India Archives

New Rules and Charges for UPI Transaction Limit Introduction The National Payments Corporation of India (NPCI) has announced new rules regarding UPI transactions, which will be effective from 1st April 2023. These rules include changes in transaction limits and charges. The main objective of these new rules is to promote digital transactions and reduce the burden on banks. In this article, we will discuss the new rules and charges for UPI Transaction Limit in detail. Insights of the New Rules and Charges for UPI Transaction Limit The new UPI rules will be effective from 1st April 2023. The new rules include a transaction limit of Rs. 5,000 per transaction for all UPI apps. The NPCI has also announced new UPI transaction charges, which will be applicable from 1st April 2023. UPI transactions up to Rs. 1,000 will be free of charge. For transactions above Rs. 1,000 and up to Rs. 2,000, a charge of Rs. 2.5 will be levied. For transactions above Rs. 2,000, a charge of Rs. 5 will be levied. The new charges will only be applicable for prepaid payment instruments (PPI) merchant transactions. The normal payment, which is based on bank-to-bank transactions, will not have any charges. The National Payments Corporation of India (NPCI) has clarified that customers will not have to pay any charges for UPI transactions. What are the New Rules and Charges for UPI Transaction? The new UPI transaction limit is set at Rs. 5,000 per transaction for all UPI apps. This means that users can now only transfer up to Rs. 5,000 per transaction. The previous limit was Rs. 10,000 per transaction. The objective of this change is to reduce the risk of fraud and ensure the safety of UPI transactions. What are the implemented Charges for UPI Transactions? The National Payments Corporation of India (NPCI) has recently announced a new fee structure for Unified Payments Interface (UPI) transactions. Starting from 1st April 2023, UPI transactions up to Rs. 1,000 will be free of charge, while a fee will be levied for transactions above this amount. Under the new fee structure, transactions above Rs. 1,000 and up to Rs. 2,000 will be charged a fee of Rs. 2.5, while transactions above Rs. 2,000 will be charged a fee of Rs. 5. The new fee structure is expected to benefit small and medium-sized businesses and individuals who frequently make low-value transactions. With the exemption of UPI transactions up to Rs. 1,000, these users will be able to carry out digital transactions without any additional costs. This is expected to encourage the adoption of digital payments and reduce the reliance on cash transactions. Impact on Merchants after the Charge Implication The new UPI transaction limit and charges will also impact merchants. Merchants will now have to ensure that they do not accept UPI transactions above Rs. 5,000 per transaction. They will also have to pay transaction charges for transactions above Rs. 1,000. This may discourage some merchants from accepting UPI transactions. Conclusion The new UPI transaction limit and charges announced by the National Payments Corporation of India (NPCI) will be effective from 1st April 2023. While the new rules may have some impact on users and merchants, they are necessary to ensure the safety and security of UPI transactions. Users and merchants should be aware of the new rules and ensure that they comply with them to avoid any inconvenience. Writer's Choice - New gaming Rules Effective From 1st April

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