A post is doing rounds on social media with a claim that a 1.1% fee will be charged on all UPI transactions of Rs 2000 or above.
The post read: “Thank you Modi Ji for a charge on UPI transactions…UPI transactions of over 2,000 to be charged at 1.1% starting 1st April for Gpay, Paytm, PhonePay & others”
Here’s the link to the above post.
NewsMobile fact-checked the post and found the claim to be misleading.
We ran a keyword search and found multiple media reports stating that the National Payments Corporation of India (NPCI) has clarified that there are no charges for bank account-to-bank account-based UPI payments, which are the “normal” UPI payments for most people. The media reports can be seen here, here and here.
We also found a press release by NPCI stating that ‘UPI is free, fast, secure and seamless Every month, over 8 billion transactions are processed free for customers and merchants using bank-accounts’.
The circular mentions that: The Prepaid Payment Instruments (PPI wallets) have been permitted to be part of interoperable UPI ecosystem. The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account-based UPI payments (i.e. normal UPI payments).
A similar clarification was also tweeted by Paytm on March 29, 2023. The tweet read:
Regarding NPCI circular on interchange fees & wallet interoperability, no customer will pay any charges on making payments from #UPI either from bank account or PPI/Paytm Wallet. Please do not spread misinformation. #Mobile payments will continue to drive our economy forward!
Hence, from the above fact check, it is clear that the viral post is misleading.
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