Customers of Gpay, Paytm or other services need not worry about the surcharge increase.

Share This Post

Tech News Summary:

  • NPCI has introduced an interchange fee on digital payments made through prepaid payment instruments (PPI) such as mobile wallets, for commercial PPI transactions.
  • The fee will apply to PPI transactions made through the UPI network to merchants, but not to regular bank-to-bank transactions.
  • Businesses will be responsible for paying the interchange fee, which can reach up to 1.1% for payments over 2,000, and will be evaluated by NPCI on September 30.

In a bid to boost digital payments, the Indian government has announced an increase in the surcharge on cashless transactions. However, the good news is that the surcharge increase will not affect customers of popular digital payment services such as Gpay, Paytm, and others.

The finance minister, Nirmala Sitharaman, announced that the surcharge increase would not apply to transactions made through digital payment platforms. This is a welcome move for customers who rely on these services for seamless and convenient transactions.

The government has been pushing for digital payments to become the first choice for consumers in India, and the latest move is aimed at promoting this shift. With the surcharge increase not affecting customers of Gpay, Paytm, and other services, this will make them an even more attractive option for individuals and businesses alike.

The government has also announced several other measures to incentivize digital payments, such as waiving off merchant discount rates and offering cashback schemes.

In a statement, Gpay and Paytm have welcomed the move and lauded the government’s effort to promote digital payments. They believe that this will encourage more people to use their services, thereby accelerating India’s transition to a cashless economy.

Overall, the news of the surcharge increase not affecting customers of Gpay, Paytm, and other services is a relief to millions of users across the country. It highlights the government’s commitment to boosting digital payments and making them the primary mode of transactions.

Read More:

Partnership Between Mitsubishi Electric and Nozomi Networks Strengthens Operational Technology Security Business

Mitsubishi Electric and Nozomi Networks Partnership Mitsubishi Electric and Nozomi...

Solidion Technology Inc. Completes $3.85 Million Private Placement Transaction

**Summary:** 1. Solidion TechnologyInc. has announced a private placement deal...

Analyzing the Effects of the EU’s AI Act on Tech Companies in the UK

Breaking Down the Impact of the EU’s AI Act...

Tech in Agriculture: Roundtable Discusses Innovations on the Ranch

Summary of Tech on the Ranch Roundtable Discussion: ...

Are SMEs Prioritizing Tech Investments Over Security Measures?

SMEs Dive Into Tech Investments, But Are...

Spotify Introduces Music Videos for Premium Members in Chosen Markets

3 Summaries of Spotify Unveils Music Videos for Premium...

Shearwater to Monitor Production at Equinor’s Two Oil Platforms

Shearwater GeoServices secures 4D monitoring projects from Equinor for...

Regaining Europe’s Competitive Edge in Innovation: Addressing the Innovation Lag

Europe’s Innovation Lag: How Can We Regain Our Competitive...

Related Posts

Government Warns of AI-Generated Content: Learn More about the Issue

Government issued an advisory on AI-generated content. All AI-generated content...

Africa Faces Internet Crisis: Extensive Outage Expected to Last for Months, Hardest-Hit Nations Identified

Africa’s Internet Crisis: Massive Outage Could Last Months, These...

FTC Investigates Reddit for AI Content Licensing Practices

FTC is investigating Reddit's plans...

Journalists Criticize AI Hype in Media

Summary Journalists are contributing to the hype and...