NPCI to revise UPI interchange, PSP fees to zero; move may hurt PhonePe, Google Pay
Updated : February 22, 2020 11:16 AM IST
The abolition of the fees has been made for an interim period until April 30, 2020, according to the circular.
The same is not applicable to services like mandates, EMI, overdraft account and business-to-business (B2B) collections and payments.
The move to do away with these transactions fees comes after the abolishment of the Merchant Discount Rate (MDR).