ICICI now charge P2P UPI transfer after 20 FREE...

ICICI now charge P2P UPI transfer after 20 FREE, Merchant UPI transaction is unlimited FREE

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ICICI now charge P2P UPI transfer after 20 FREE, Merchant UPI transaction is unlimited FREE

Please note that effective May 3, 2020, ICICI now charge P2P UPI transfer – the first 20 ‘send money P2P (peer to peer)’ fund transfers via UPI will be free. Subsequent fund transfers will incur a nominal fee.

Note – Merchant UPI transaction is unlimited times FREE

No charges are applicable for merchant payments, online shopping transactions and bill payments.)
(effective May 03, 2020)

Source - https://www.icicibank.com/service-charges/commo...

17 Comments  |  
14 Dimers
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Deal Lieutenant
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From the 21st transaction: Rs 2.50 for transactions less than or equal to Rs 1,000 and Rs 5.00 for transaction above Rs 1,000 will be applicable.
(UPI “Send Money”/”Transfer Money” to people basis VPA or Bank Account and IFSC will be charged for transaction done beyond 20 per month using Bank app or through any 3rd party app.
No charges are applicable for merchant payments, online shopping transactions and bill payments.)
(effective May 03, 2020)

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Deal Lieutenant
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Is this also included in 20 lakh Cr Package?

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Deal Subedar
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So,what all other banks charging like this?

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Deal Cadet
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Beggars, can’t even offer UPI free.. how much do they pay for using npci infra anyway ?? Bad step by all banks.. Govt should intervene rage

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Deal Newbie
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A.M.A.Z.O wrote:

Beggars, can’t even offer UPI free.. how much do they pay for using npci infra anyway ?? Bad step by all banks.. Govt should intervene rage

Good move , will stop useless 1/2 Rs transfers for cashback / rewards .

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Moderator
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saymyname78 wrote:

Good move , will stop useless 1/2 Rs transfers for cashback / rewards .

True…. but still a bad step..

Only Private banks Kotak and Icici Started this…?? Any one else?
Looks like every bank is going to implement this in near future.,

Where is can we learn the actual process of UPI in India? Complete Infra Cost? Who is bearing what part of the cost…. bank how much and ncpi how much share?

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Critic
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Kotak and Axis started this earlier. Now ICICI also joins.
Impact of cashback offers on money transfer by paytm, mobikwik, amz pay, phonepe etc.

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Deal Lieutenant
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Damn I already crossed 20 txns this month. No charges levied so far. Are they going to charge at the end of the month?

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Deal Subedar
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saymyname78 wrote:

Good move , will stop useless 1/2 Rs transfers for cashback / rewards .

They’re explicitly telling us to do transfers daily… what do you expect dimers to do.. leave the offer unused. stuck_out_tongue

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Deal Subedar
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1cooldesidd wrote:

Damn I already crossed 20 txns this month. No charges levied so far. Are they going to charge at the end of the month?

Same here… gotta stop it from tomorrow. pensive

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Deal Cadet
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This is not good, just like janta curfew, its the trail. If we accept it, slowly it will be reduced to 15 per month, than 10 and finally UPI won’t be free, they will say “no harm in charging 5rs per txn in the name of convineance/service fee”. implementing only first 20 free txn of the month is acceptable, but it will be reduced for sure in the near future and that’s concerning.

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Deal Newbie
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hese wrote:

True…. but still a bad step..

Only Private banks Kotak and Icici Started this…?? Any one else?
Looks like every bank is going to implement this in near future.,

Where is can we learn the actual process of UPI in India? Complete Infra Cost? Who is bearing what part of the cost…. bank how much and ncpi how much share?

UPI is equivalent to IMPS transactions , same tech is used in both …. remember those days when we used to pay 10rs per IMPS transactions .

Since govt introduced UPI they subsidized the prices to gain its popularity . . . even gave rewards for using it … remember bhim rewards ?

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Deal Cadet
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i already crossed 25 transactions from ICICI..not incurred any charges till now..but now changed UPI bank to SBI..will change to others to avail the amazon offer..

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Tech Guru
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saymyname78 wrote:

Good move , will stop useless 1/2 Rs transfers for cashback / rewards .

Why call it useless ? many of us earned thousands of rupees through UPI cashbacks,
If you are ultra rich don’t use any offers

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Tech Guru
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saymyname78 wrote:

UPI is equivalent to IMPS transactions , same tech is used in both …. remember those days when we used to pay 10rs per IMPS transactions .

Since govt introduced UPI they subsidized the prices to gain its popularity . . . even gave rewards for using it … remember bhim rewards ?

And if you remember SBI paid back Rs.5/ per imps transaction

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Deal Cadet
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this is digital india. will charging digital will make india cashless economy. this is indirectly supporting cash economy.

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Shopping Friend
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hese wrote:

True…. but still a bad step..

Only Private banks Kotak and Icici Started this…?? Any one else?
Looks like every bank is going to implement this in near future.,

Where is can we learn the actual process of UPI in India? Complete Infra Cost? Who is bearing what part of the cost…. bank how much and ncpi how much share?

@saymyname78

Bank start UPI charges because Finance Minister Nirmala Sitharaman levy bans of MDR fee on payment via RuPay Card & UPI.

Finance Minister Nirmala Sitharaman announced (27 December) that from January, there would be no merchant discount rate (MDR) fee on RuPay debit card and UPI payments.

MDR is the cost paid by a merchant to a bank for accepting payment from their customers via credit or debit cards every time a card is used for payments in their stores. The merchant discount rate is expressed in percentage of the transaction amount. The MDR is distributed among three stakeholders – bank, PoS machine vendor and card companies – and varies from 0-2 per cent on credit card transactions.

Removal of these fees would mean another revenue stream getting reduced to nil, which would affect UPI apps, fintech startups and the overall pace of investment and innovation in what is the fastest-growing digital payments network.

“There is a loss per transaction banks face. This move will reduce that,” another source said. “IBA managing committee has decided that with respect to zero MDR on RuPay Card and UPI transactions, zero interchange is acceptable to banking industry and NPCI should be requested to consider zero interchange, zero switching fee, and zero-fee for PSPs (payments service providers) while implementing the government mandate,” the letter sent to NPCI on Thursday said.

February 22, 2020, NPCI to revise UPI interchange, PSP fees to zero; move may hurt PhonePe, Google Pay

PhonePe’s co-founder and CEO Sameer Nigam came out strongly on the issue and termed it “most unfortunate but inevitable”. “Zero MDR killed acquiring banks’ revenues so they can’t afford to pay issuers any interchange. Without interchange & PSP fees, issuing banks also have no skin in the game left. Sad day for the entire UPI and RuPay story,” said Nigam.

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