NPCI: 99.9% of all UPI transactions to remain free

After it introduced interchange of up to 1.1 per cent on UPI transactions above Rs. 2,000 made through prepaid instruments, cards or wallets, the National Payments Corporation of India (NPCI) clarified that 99.9 per cent of UPI transactions are done directly from bank account-to-account, and will not be impacted by the new norms.

“Traditionally, the most preferred method of UPI transactions is linking the bank account in any UPI-enabled app for making payments which contributes over 99.9 per cent of total UPI transactions. These bank account-to-account transactions continue to remain free for customers and merchants,” said NPCI in a release.