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

sbi.jpg



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.

Comments

Post a Comment

Popular posts from this blog

Infinix Smart 2 review: 'Value for money' smartphone with tall 18:9 screen

Image
Transsion Holdings, a Hong Kong-based smartphone company, is one of the top five leading mobile phone manufacturer in India, according to recent report by IDC. The company is known for Infinix, Tecno, itel and Spice branded smartphones. It operates in affordable entry level and midrange segment. Under its premium Infinix brand, the company recently launched the Infinix Smart 2 , an entry-level budget smartphone with 18:9 aspect ratio screen and a large 3,050 mAh battery. Priced at Rs 5,999 for the base model, the Infinix Smart 2 is a feature-rich proposition in entry-level budget smartphone segment. It is targeted to consumers moving from feature phones to smartphones. The Android-based smartphone features dualSIM slots and 4G VoLTE-capabilities. Interestingly, the phone comes in two RAM and storage configurations – 2GB/16GB and 3GB/32GB. The premium 3GB RAM variant is priced at Rs 6,999. In terms of design, the Infinix Smart 2 offers no-frill design with a removable plas
Read more

Year in review: From OnePlus to Asus, best midrange flagship phones of 2019

Image
Best flagship smartphones 2019 : Affordable flagship smartphones are value-for-money products that offer top-notch specifications and features for a midrange price. In the past couple of years, this segment has been dominated by Chinese smartphone brand OnePlus. In 2019, however, other smartphone brands also got a toehold in this space with products that boasted specifications and features otherwise found only in premium smartphones. Here are top five affordable flagship smartphones (priced under Rs 40,000) that were launched in 2019: Asus ROG Phone II Asus ROG Phone 2Primarily a gaming-centric smartphone, the ROG Phone II from the stable of Taiwanese electronics maker Asus is an all-round smartphone offering the best of flagships at an affordable price. From an AMOLED screen with a high refresh rate to stereo speakers and high-capacity battery, this smartphone exceeds expectations and gives the best value for money in the midrange flagship segment. If there is any phone
Read more

OnePlus 8 review: Meaningful innovations elevate experience, justify price

Image
Smartphone makers now bring at least two models of each of their premium smartphones – one that maxes out on everything to show the maker’s innovation competence, and second that does not compromise on flagship specifications and features but cuts corners on some lesser features to keep the price low and reach the masses. The  OnePlus  8 belongs to the latter category of premium smartphones. A successor to the  OnePlus  7T, the  OnePlus  8 brings seasonal upgrades like Qualcomm’s flagship Snapdragon 865 system-on-chip, big-capacity battery, new design and a screen with a punch hole for front camera. However, the company has downgraded the rear camera set-up of the OnePlus 7T by taking away the 2x optical zoom telephoto sensor. So, where does the OnePlus 8 in 2020 with all its upgrades, and a downgrade? Let’s find out: Design The OnePlus 8 has a minimalistic design and premium build. It retains the glass-metal sandwich design of its predecessor but brings new co
Read more