Banks to exempt UPI and Rupay transactions of interchange fees
Nabanita Dutta
News Editor
Image Credit: shortpedia
National Payments Corporation of India (NPCI) has approved the bank's request to remove the interchange fees on UPI and Rupay card transactions. However, NPCI is still reviewing payments service provider fees and switching fees as it is concerned that the decision might hamper its revenues and PSPs like Google-Pay and PhonePe. It might also affect the growth of UPI which has witnessed enormous growth in last 2 years.
