There is important news for you if you also do transactions using UPI. The national government will likely soon make a significant decision regarding UPI, from which it stands to gain roughly Rs 5000 crore. Let me explain the strategy of the previous Modi administration.
There is important news for you if you also do transactions using UPI.
To pay for the infrastructure necessary for the unified payments interface payment system update and assure its financial viability, the government may consider levying a standard digital payment facilitation fee of 0.3% on such transactions. This is what a study from the Indian Institute of Technology (IIT)-Bombay suggested.
The government may raise Rs. 5000 crores.
According to the report “Charges for PPI based UPI payments – The Illusion,” a 0.3% convenience charge could generate over Rs 5,000 crore in revenue in 2023–2024.
No fees are applied to payments made to merchants
According to the survey, payments received by retailers increased due to the National Payments Corporation of India’s (NPCI) decision to levy exchange fees on payments made through mobile wallets. Whether it comes straight through the unified payments interface or through prepaid e-wallets, there shouldn’t be any fees applied.
The base will be a prepaid wallet
From April 1, 2023, payments made to shopkeepers using UPI will be subject to an “interchange” fee of 1.1% of the payment amount, according to NPCI. This will apply to UPI transactions based on prepaid wallets.
What is the law at this time?
A person making or receiving payment through UPI cannot be charged directly or indirectly under the current legal framework by any bank or other provider operating UPI. Yet, banks and system providers have attempted to interpret the UPI rule in their own ways on numerous occasions.
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