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Has the transaction through UPI become expensive since the new year?

The Indian digital payment system has benefited greatly from the lockdown. In the Corona era, the Government of India and the RBI have been promoting digital transactions in the country. By 2021, digital transactions in the country are expected to quadruple. People in India use a lot of UPI, Unified Payments interface for digital transactions.

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Over the past few days, there have been reports that transactions through UPI have become more expensive since January 1, 12020. It is further said that if someone pays through UPI, the customer may have to pay extra fee. That is, if a person pays for third party applications online through UPI, he will have to pay a fee. However, this news is false.

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NPCI has clarified

The National Payments Corporation of India (NPCI) has stated that remittances or receipts through the Unified Payment Interface (UPI) will be free. The NPCI said in a statement that the report on imposition of fees for remittances or remittances through UPI from January 1, 2021 was incorrect. There is no charge for transactions through UPI. NPCI will continue to facilitate smooth and uninterrupted UPI transactions. Formed in 2006, NPCI is an organization that assists various organizations in the field of retail financing and settlement in India.

The National Payments Corporation of India has decided to impose a 30% cap on payments to third party application providers from January 1, 2021.

NPCI has made this decision in the future with the exclusive prevention of any third party app and the special advantage of its user base. With this decision of NPCI, no single payment app will be exclusive to UPI transactions.

What is UPI?

UPI stands for Unified Payments Interface, an interbank fund transfer facility that allows payments to be made using a smartphone phone number and virtual ID. It is based on the internet bank fund transfer process.

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This is how UPI works

This system is regulated by NPCI. Users transfer money by paying from UPI within minutes.

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