The National Payments Corporation of India (NPCI) has suggested that United Payments Interface (UPI) transactions made via prepaid instruments, such as wallets will attract an interchange fee of 1.1 per cent for certain merchant payments from April 1, 2023. The 1.1 per cent interchange fee will be levied only on merchant payments of above Rs 2,000 to specified merchant categories, according to a circular by NPCI dated March 24, 2023. However, there will be no fee if the transaction amount is up to Rs 2,000.
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