Will there be a charge on transactions above ₹2000? Know the new rules of UPI and its impact on your pocket: – ..

New Delhi. UPI (Unified Payments Interface), which has become the face of digital revolution in India, is now entering a new phase. Recent changes in the rules related to UPI payments have sparked a new debate among the general public. The most talked about issue is the possible charge on transactions above ₹2000. Amidst the rumors spreading on social media, consumers are confused about whether they will now have to shell out extra money for every small and big payment. In this special report of Amar Ujala, we will tell you the real truth of these rules and also why you do not need to panic.

₹2000 rule: Who will have to pay the charge and who will not?

First of all, it is important to understand that the new rules of UPI do not apply to every transaction. As per National Payments Corporation of India (NPCI) guidelines, charges can be levied only on transactions which are Prepaid Payment Instruments (PPI) Such as are done through digital wallet (PhonePe Wallet, Paytm Wallet etc.).

P2P (Person to Person): If you send ₹ 2000 or more money to any of your friends or relatives, it is completely free of charge Will remain.

P2M (Person to Merchant): If you pay more than ₹2000 to a merchant through your wallet, there may be an ‘interchange fee’ applicable. But, this fee will have to be paid by the shopkeeper and not by the customer.

What will be the impact on shopkeepers and traders?

These changes are likely to have the most direct impact on merchants that largely accept payments via wallets. Interchange charges on wallet transactions above ₹2000 may increase costs for merchants. However, there are still no charges on UPI payments made directly from bank account to bank account. In such a situation, small shopkeepers can motivate customers for direct bank transfer. Experts believe that this arrangement has been made to compensate for the technical expenses required to maintain the digital ecosystem.

Caution is safety: Keep this in mind while using UPI

To keep digital payments secure, consumers should keep some basic things in mind:

Payment Method: Try to make large payments directly from your linked bank account, so that you are not affected by wallet transaction rules.

PIN Security: Never share your UPI PIN with anyone. Remember, there is no need to enter a PIN to receive money.

Official App: Always use recognized and official UPI apps and change your PIN from time to time.

Transaction Limit: For security reasons, set a daily transaction limit in your app so that in case of any untoward incident, there is no big loss.

The future of digital payments and the changing economy

This change in rules is an indication that India’s digital payment system is now maturing. The government aims to take the country towards a completely transparent and cashless economy by 2026. In the coming time, features like ‘auto-pay’ and international payments are going to become even simpler in UPI. Although the new fee arrangement may cause initial hesitation, in the long run it will make the system more sustainable and secure.