Axis UPI charges
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This is to inform that with effect from 3rd April 2020, the number of UPI free Peer to Peer fund transfers (using “Send Money” option on UPI apps) will be capped at 20 transactions per month. Any subsequent transactions in the month thereof will be charged* as per the below-mentioned table.
The charges are applicable on a per UPI linked account basis.
Slab, Transaction value <=1000, Transaction value > 1000
Upto 20 Transactions/Month, 0, 0,
21st Transaction Onwards/Month, 2.5**/Transaction, 5**/Transaction
Charges not applicable for Priority, Burgundy & Burgundy Private scheme codes *18% GST applicable
Terms & Conditions: UPI Peer-to-Peer/“Send money” fund transfers that will be charged post first 20 transactions are:
• Transfers done through Axis Mobile or Axis Pay
• Transfers done through any PSP or 3rd party App
• Transfers done using bank account and IFSC
• Peer-to-Peer transactions done using Scan n Pay
• Peer-to-Peer trasnactions done using Collect Approve All other UPI transactions, apart from the ones mentioned above shall continue to reamin free for the customers. Axis Bank reserves the right to revise the above mentioned charges at any point in time with a prior notice of 30 days from the efffective date to the customers.
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Yes, because our FM minister Nirmala Sitharaman want to promote visa/mastercard.
E-payments industry counts the costs after zero MDR jolt.
For every transaction, a merchant pays MDR to its bank as a fee for accepting digital payments via UPI, Ru-Pay cards and other instruments. Both UPI and RuPay platforms are managed by the National Payments Corporation of India (NPCI). The bank, in turn, pays portions of MDR as interchange fee, network fee and payments service provider (PSP) fees to stakeholders involved in the digital payment process, including the customer’s bank. NPCI gets a fee as well for UPI and RuPay transactions.
So, MDR is a source of revenue for multiple entities.
There is too much pressure on NPCI from the Indian Bank Association (IBA).
In January, representatives of e-payments firm met Sitharaman and shared their frank views, saying the new MDR step will hamper e-payments and the government should roll it back or compensate affected players for the revenue loss. The revenue hit is expected to be around Rs 1,800 crore to Rs 2,000 crore. One of the attendees told that the government was curious as to why payments firms were making a noise about the issue. “If banks don’t get any money, how will they pay us? Non-banking entities are also concerned about the issue as a matter of principle,” this person said.
There was no fresh announcement on the issue on in the Union Budget presented on February 1. But the issue is believed to have reached the Prime Minister’s Office. “Right now, there’s a little hope that a solution will be worked out and the stakeholders will get some money. But in three or six months, things could come to a standstill (if the issue is not resolved).”
I think it could be another month or two before the government makes any move”. Till then, banks might push Visa or Mastercard as in the current rules, there is no incentive to promote RuPay cards & UPI, which have a base of around 600 million.
UPI merchant transaction unlimited times FREE
P2M should be free, else who will use it, cust will prefer cards just as b4.
UPI merchant transaction unlimited times FREE
Soon every one starts charging for UPI Transactions..