NPCI Press Release – UPI is free, fast, secure and seamless Every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts
NPCI Clarifies on Transaction Charges: UPI Is Free for Bank Account Transactions
Mumbai – 29th March 2023: The National Payments Corporation of India (NPCI) has clarified that UPI is free for bank account to bank account transactions. UPI is a preferred mode of digital payment, offering a fast, secure, and seamless experience with over 8 billion transactions processed free for customers and merchants every month through bank accounts.
Recent regulatory guidelines have allowed Prepaid Payment Instruments (PPI Wallets) to be part of the interoperable UPI ecosystem, with PPI merchant transactions subject to interchange charges. However, there are no charges for customers for bank account to bank account based UPI payments. The addition of PPI wallets gives customers the option of using any bank account, RuPay Credit card, or prepaid wallet on UPI enabled apps.
NPCI was created in 2008 to operate retail payments and settlement systems in India. Its payment products, such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag), and Bharat BillPay, have changed the way payments are made in India. NPCI is focused on bringing technology-driven innovations to transform India into a digital economy with secure payment solutions accessible nationwide at minimal cost.
Visit https://www.npci.org.in/ for more information.
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