Unnati Associates - उन्नती असोसिएट्स

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Unnati Associates - उन्नती असोसिएट्स Chartered Accountants

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14/04/2023

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May the sacrifice of Jesus on the cross remind us of the immense love and forgiveness of God! ❤️🙏
06/04/2023

May the sacrifice of Jesus on the cross remind us of the immense love and forgiveness of God! ❤️🙏

May Hanuman Jayanti festivities keep you blessed and bring you much more joy and optimism in your life! ❤️🙏
05/04/2023

May Hanuman Jayanti festivities keep you blessed and bring you much more joy and optimism in your life! ❤️🙏

“Wishing you happiness, success and peace in life on the special occasion of Mahavir Jayanti"! ✨❤️🙏
03/04/2023

“Wishing you happiness, success and peace in life on the special occasion of Mahavir Jayanti"! ✨❤️🙏

There has been a lot of confusion around the charges that will be levied on payments. 🧐Let us clear the air.Let's cons...
01/04/2023

There has been a lot of confusion around the charges that will be levied on payments. 🧐
Let us clear the air.

Let's consider these 3 scenarios:

Scenario 1: Me to my friend (P2P)
UPI payment of any amount through bank account / PPI wallet*: No charges for me and my friend

Scenario 2: Me to merchant / shop keeper (P2M)
UPI payment of any amount through bank account: No charge to me and shopkeeper

Scenario 3: Me to merchant / shop keeper (P2M)
UPI payment above INR 2,000 through PPI wallet: No charge to me but up-to 1.1% charge to the merchant / shopkeeper.

➡️ Summarising the same:
NPCI has clarified that customers do NOT have to pay any charge in any case.

It is the merchant who will be levied a charge up-to 1.1% of transaction value (on transactions over INR 2,000, for using the infrastructure of the wallet issuing company) (Ex: Paytm, Phonepe)

It is important to note that charge will be levied to merchant only on interoperable** PPI wallet transactions and not on bank-to-bank transactions via UPI

Basically, the ecosystem needs revenue to be running and it is very similar to the credit card ecosystem, where the merchant is levied a charge (~2%) on a payment using a credit card and the participants in the transaction viz. the paying and the receiving banks and the credit card issuing company gets revenue for providing their services.

* Examples of PPI (Prepaid Payment Instruments) can be gift cards, online wallets etc.
** Interoperable PPI wallet means wallet where users can seamlessly transfer funds from one wallet to another (of another issuer) and from their wallets to bank accounts through the UPI platform.

Let me know your views in the comments!

May this financial year bring to you more success and boundless achievements. Happy Financial Year 2023-24! ✨
01/04/2023

May this financial year bring to you more success and boundless achievements. Happy Financial Year 2023-24! ✨

राम नवमी की आप सबको हार्दिक शुभकामनाएं! 🙏❤️
30/03/2023

राम नवमी की आप सबको हार्दिक शुभकामनाएं! 🙏❤️

🔴 PAN-AADHAR LINKING DEADLINE EXTENDED TILL 30TH JUNE, 2023!
28/03/2023

🔴 PAN-AADHAR LINKING DEADLINE EXTENDED TILL 30TH JUNE, 2023!

May this Gudi padwa bring new hopes, happiness, and joy.
21/03/2023

May this Gudi padwa bring new hopes, happiness, and joy.

Happy Women's Day! ❤️
08/03/2023

Happy Women's Day! ❤️

Happy Holi! ❤️
06/03/2023

Happy Holi! ❤️

Happy Republic Day! ❤️🇮🇳
25/01/2023

Happy Republic Day! ❤️🇮🇳

Address

Shirur
412220

Telephone

+919860895808

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