Mumbai: National Payments Corporation of India (NPCI) said in a statement on Wednesday that UPI emerged as the preferred mode of payment by offering a free, fast, secure, and seamless experience. Further, it noted that the most preferred method of UPI transactions has been linking the bank account in any UPI enabled app for making payments. It also added that such transactions contribute over 99.9 percent of total transactions. These bank account-to- account transactions continue to remain free for customers and merchants, said the NPCI.

PPI wallets

"As per the recent regulatory guidelines, the prepaid payment instruments (PPI wallets) have been permitted to become a part of interoperable UPI ecosystem," said the statement. Further, it added, "the interchange charges introduced are only applicable for the PPI transactions and there is no charge for users."

"Now, the customers will have the choice of using any bank account, RuPay credit card and prepaid wallets on UPI enabled apps," said the NPCI in a statement.

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