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upi transaction charges : The Indian Finance Ministry has announced a big change regarding UPI payment. The UPI payment which you used to use for free till now. Now you will have to pay money on that payment. The Finance Ministry has decided that now a charge will be imposed on UPI payments of more than ₹ 2000.

According to the new notification issued by the government, no charge will be imposed on UPI payments up to ₹ 2000. However, NPCI i.e. National Payments Corporation of India will have the right to fix charges on payments exceeding this amount.

Money did not have to be paid till now

Actually, till now no charge was taken on payments made through UPI. In the new system, it has been said that transactions up to ₹ 2000 will be completely charge-free. If the payment is more than ₹ 2000, then you may have to pay some charges on it in the coming few days. How much will it cost? This has not been decided yet. Its responsibility has been handed over to NPCI. He will decide how much money to take from your pocket.

How much may have to be charged?

It is believed that this charge could be between 0.3 to 0.5 percent. If this happens, then a charge of around ₹ 15 to ₹ 25 can be imposed on a UPI payment of ₹ 5000. However, the most important thing here is that this money will not be taken from the customer. That means the person buying the goods will pay ₹ 5000 like before. This money is in the merchant account i.e. the shopkeeper who is taking money from you. He will have to pay this charge.

What are the rules on mutual transactions?

If you transfer money through UPI to your friend, relative or family member. So it will be completely free. Its direct impact can mainly be on large UPI payments made by shops and businessmen.