'No customer will...': Paytm clarifies on UPI payment charge
PPI fees would be levied on transactions above Rs 2,000 on UPI payments done via GPay, Paytm and other apps.
The National Payments Corporation of India (NPCI) has said in its most recent circular that beginning on April 1, merchant transactions on the Unified Payments Interface (UPI) would be subject to Prepaid Payment Instruments (PPI) fees.
Taking to Twitter, Paytm urged users to not spread misinformation as it said that “no customer will pay any charges on making payments from UPI either from a bank account or PPI/Paytm Wallet.”
“We have an important announcement. Paytm UPI is free, fast, secure, and seamless. No customer will pay any charges on making payments from UPI either from bank account or PPI/Paytm Wallet. Please read the @NPCI_NPCI press release on the issue for more clarity,” Paytm Payments Bank said in a tweet.
In another tweet, in response to the NPCI circular on interchange fees and wallet interoperability, Paytm stated that no consumer will be charged any fees while using UPI to make payments from either a bank account or a PPI/Paytm Wallet.
“Please do not spread misinformation. #Mobile payments will continue to drive our economy forward!” read Paytm’s tweet.
The circular stated that for loading a transaction value above Rs 2,000, the issuer of prepaid instruments would additionally be required to pay 15 basis points of the cost to the remitter bank.