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Banks to Charge Customers for P2P Payments on UPI
June 15, 2017
After almost two years since Unified Payment Interface was launched, banks have started charging for P2P transactions over the channel. While State Bank of India has released the information on the charges, effective from June 1, private sector HDFC Bank has also followed suit and will start charging the users for UPI-based P2P payments from July 10 onwards.
Dilip Asbe, Chief Operating Officer, National Payments Corporation of India, said that while no bank is charging for UPI-based transactions as of now, it’s at their discretion if they choose to levy a small fee on money transfer through UPI or IMPS.
