HDFC Bank, SBI to start charging for P2P payments on UPI

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Financial News :

Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform.

Country’s largest lender State Bank of India has come out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be effective July 10.

“So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards Person to Person (P2P) transactions for UPI and IMPS,” National Payments Corporation of India’s chief operating officer Dilip Asbe said in a statement.

A senior NPCI official explained that worldover, charges are levied for such transactions and added that in case of UPI at merchant transactions it is the merchant who pays while for P2P, it is the sender who has to pay.

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