“NPCI will be requesting banks not to charge customers for peer-to-peer UPI transactions at this stage,” a senior banker said.
NPCI is the umbrella organisation for all retail payment systems in India. It aims to allow all Indian citizens to have unrestricted access to e-payment services.
“NPCI will be requesting banks not to charge customers for peer-to-peer UPI transactions at this stage,” ET quoted a senior banker as saying. “They want to work out a strategy so that at least low-value, peer-to-peer (P2P) payments are not charged.”
“So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards person-to-person (P2P) transactions for UPI and IMPS (Immediate Payment Service). However, person-to-merchant (P2M) transactions in UPI will remain free to customers as per NPCI guidelines,” NPCI chief operating officer Dilip Asbe was quoted as saying.