As per Cashlessindia.gov.in, a website managed by the government to educate people about digital transactions, there is no charge for making payments using the UPI facility.
However, if a payment is made from UPI to say a bank account using IMPS, NEFT or RTGS, then a bank may charge you for it.
Are UPI transactions free?
Presently, the UPI is a free of cost fund transfer mode. The NPCI has, however, given indications that the charge for UPI transactions would fall in the range of Rs. 0.50. This is a negligible amount and won’t be a problem for any user who wishes to use this service.
Is there any charges for UPI payment?
Banks to charge customers after first 30 UPI transactions
Person to person (P2P) fund transfers using Unified Payments Interface (UPI) may soon be charged. Currently, the UPI transactions, for both person to person or person to merchant, do not attract any charges.
How do I make a payment on UPI?
Initiate a payment
- Login to iMobile and tap on ‘UPI’.
- Click on ‘UPI’ and then choose ‘Pay with Virtual Payment Address’.
- Enter details of the beneficiary’s VPA, amount and remarks. Choose the VPA you would like to debit and click on ‘Submit’.
- Check the details and click on ‘Submit’ to initiate your Fund Transfer.
How will UPI payment apps earn money?
The Unified Payment Interface (UPI) can be thought of like an email ID for your money. IMPS is faster than NEFT and lets you transfer money immediately and unlike NEFT, it works 24×7. This means that the online payments will become much easier without requiring a digital wallet or credit or debit card.