NPCI sets 1.1% interchange fee on UPI payments via prepaid instruments, wallets

The National Payments Corporation of India (NPCI) has set the interchange fee at 1.1% for merchant transactions initiated using a Prepaid Payment Instrument (PPI) such as mobile wallets on the Unified Payments Interface (UPI) network.

The changes take effect from April 1, according to a circular by NPCI dated March 24.