UPI Payment Surcharge:- In recent news, the government of India has introduced a surcharge on digital transactions made through UPI payment systems, affecting popular payment platforms such as Google Pay and Paytm. In this article, we’ll take a closer look at the surcharge, what it means for consumers, and how it will impact these payment platforms.
|Topic||UPI Payment Surcharge|
What is UPI Surcharge News?
The UPI Surcharge News is the recent announcement made by the Indian government to introduce a surcharge on digital transactions made through UPI payment systems. This surcharge is applicable on transactions above Rs 2,000 and is aimed at promoting digital payments while generating revenue for the government.
Google Pay Surcharge
Google Pay users will be affected by the new surcharge as it applies to all transactions above Rs 2,000. The surcharge will be applied to the total value of the transaction, which means that the more you spend, the higher the surcharge will be. It’s important to note that Google Pay itself does not charge any additional fees for transactions made on its platform.
Paytm users will also be affected by the surcharge on transactions above Rs 2,000. According to Paytm’s terms and conditions, the surcharge is currently set at 2% of the total value of the transaction. This means that if you make a transaction of Rs 10,000, you will be charged an additional Rs 200 as a surcharge.
Frequently Asked Questions:
Q: What is UPI?
A: UPI (Unified Payments Interface) is a digital payment system developed by the National Payments Corporation of India (NPCI). It allows users to make instant money transfers between bank accounts using their mobile phones.
Q: How much is the UPI surcharge?
A: The UPI surcharge is currently set at 2% of the total value of the transaction for Paytm users. For other UPI payment platforms such as Google Pay, the surcharge is not specified and may vary depending on the platform.
Q. What is UPI Payment Surcharge?
A: UPI Payment Surcharge is a fee that is charged on digital transactions made through UPI (Unified Payments Interface) apps such as Google Pay, Paytm, PhonePe, etc. This fee is levied on transactions above Rs. 2,000 and is applicable from April 1, 2023.
Q. Why is the government introducing UPI Payment Surcharge?
A: The government is introducing UPI Payment Surcharge to promote digital payments and to reduce the burden of fees charged by banks on merchants for accepting digital payments. The surcharge will be used to fund the development of the UPI ecosystem.
Q. How much is the UPI Payment Surcharge?
A: The UPI Payment Surcharge is 0.50% of the transaction value, subject to a maximum of Rs. 5 per transaction. So, for example, if you make a transaction of Rs. 2,500, the surcharge will be Rs. 5.
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