Do we need to pay interchange fee on UPI transactions , check 7 facts?
Yes, if you as a merchant and your customer are not following the new guidelines of NPCI
1. Check your customers, are they doing payment in your PPI Mobile Wallet?
What is PPI Mobile Wallet?
2. A Prepaid Payment Instrument (PPI) is a electronic payment method
3. PPIs are commonly known to people as a "digital wallets" or "mobile wallets"
Some examples of popular mobile wallets' PPI:
Paytm
Google Pay
PhonePe
Amazon Pay
Mobikwik
Freecharge
What is mobile wallet interchange fee ?
4. When a customer uses a mobile wallet to make a payment or store above ₹ 2,000, it apply.
5. UPI is a payment system developed by the National Payments Corporation of India (NPCI)
6. Interchange will not be applied in the case of peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions
7. P2P transactions refer to the transfer of funds between two individuals using UPI
P2PM transactions means the transfer of funds from a customer to a merchant using UPI
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BY Dr. Sushil Kumar
https://apniphysics.com
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