Google pay bank account7/29/2023 It starts from 0.5 per cent to 1.1 per cent and a cap is also applicable in certain categories.įor telecom, education, and utilities/post office, the interchange fee is 0.7 per cent while for supermarkets the fee is 0.9 per cent of the transaction value. ![]() The interchange fee varies for the different categories of merchants. However, there are no charges for normal customer transactions or for bank account-to-bank account-based UPI payments. ![]() In simple words, the charge will apply if a customer has a wallet of one particular company and makes a payment to a merchant, who has a wallet of another company. ![]() From 1 April, 2023, an extra interchange fee of 1.1 per cent will be charged on merchant (the person or business receiving the payment) UPI transactions of over ₹2,000 using prepaid payment instruments (PPIs) – wallets or cards.Īn interchange fee is the fee charged by the receiver bank/payment service provider to the merchant.
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