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FACT CHECK: UPI Transactions Over Rs 2000 Will Be Charged At 1.1%, PIB SAYS MISLEADING NEWS

PIB has tweeted, “there is no charge on normal UPI transactions”. It further clarified that circular is about transactions using Prepaid Payment Instruments (PPI) like digital wallets. 99.9% transactions are not PPI. ....

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Decoding Prepaid Payment Instrument (PPIs): Understanding UPI Circular and Its Impact On Customers - Explainer

Online wallets, smart vouchers, smart cards, and many more are prepaid payment instruments (PPIs) that users can use to do shopping, mobile recharge, etc. The customer can send money from these wallets to the merchant s bank account directly via UPI QR code. ....

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