This is likely to range somewhere between 1%- 1.2% of the transaction amount
Currently, the credit card transaction interchange fee is charged at 1.8%- 2%
Other than a few banks such as Axis Bank, State Bank of India, ICICI Bank among others, the facility is also available on fintech apps like Paytm, Google Pay, BHIM, etc
In an effort to drive the adoption of credit on the Unified Payment Interface (UPI), the National Payments Corporation of India (NPCI) is exploring an interchange fee structure lower than that for a credit card transaction.
As per Business Standard’s report, citing sources, these charges could range between 1% and 1.2% per transaction. Currently, the credit card transaction interchange fee is charged at 1.8%- 2%.