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UPI New Rules: The country's leading private bank, ICICI (UPI New Rules 1 August) has given a big shock to its customers. Now transaction fees will be charged for making payments through payment aggregators (PA). This new rule is going to be implemented from August 1 i.e. today. However, this charge will be taken only from the merchant's account. Merchant here is addressed to businessmen. Businessmen like shopkeepers, restaurants etc.
Let us first know how much charge will be levied in upi and what are the rules for collecting it?
How much charge will have to be paid in UPI New Rules?
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- If anyone has an escrow account in ICICI Bank PA, then he will be charged 0.02 percent per transaction.
- The maximum limit of this charge will not exceed Rs 6.
- On the other hand, those who do not have an escrow account in ICICI Bank can be charged 0.04 percent.
- In this case, the maximum charge will not exceed Rs 10 per transaction.
When you won't have to pay any charges: If a transaction is transferred directly to the merchant's ICICI Bank, then in such a case you won't have to pay any charges.
New rules of UPI
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- Balance check limit
- Checking bank account in an app
- Autopay only at fixed time
- Limit on checking payment status
- Limit on payment reversal
- This limit has been imposed on UPI payment so that users
Do not face any problem while making important payments. Recently, users had to face many problems while making UPI payments. UPI server used to go down every other day. NPCI has found this solution to this problem.
Why will UPI charge be levied?
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The government does not charge any businessman (Merchant Discount Rate). It is currently zero. But NPCI charges switch fees from banks. Some banks are charging this fee from payment aggregators.
According to NPCI, about 16 billion transactions are taking place on UPI every month. There were many complaints of UPI outage in April and May. Most of the problems are caused by overload of API calls like checking balance every few minutes or checking payment status repeatedly. Now the new rules will not only reduce the pressure on the system, but your transaction will also be smoother and more reliable than before.
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About the Author:
Kaif Ansari
I'm a sports Writer with five years of experience, specializing in cricket and a variety of other sports like football, hockey, badminton, and kabaddi. My journey in sports journalism began in 2021 with Possible11, where I've been contributing ever since. My lifelong passion for cricket, ignited by a childhood dream of becoming a cricketer, fuels my writing. While the playing field wasn't my destiny, I found my calling in sharing the thrill of the game through words. I'm a dedicated CSK fan, and my favorite players are Virat Kohli and MS Dhoni.
Beyond the world of sports, I'm also deeply immersed in internet culture, movies, games, and technology. I enjoy creating content that explores these diverse interests, offering unique perspectives and insights. Whether it's breaking down the latest tech trends, diving deep into cinematic universes, or dissecting game strategies, I love to share my enthusiasm with a wider audience.
