UPI payment system: If you also do transactions through UPI, then there is important news for you. The central government can soon take a big decision regarding UPI, through which the government can benefit about Rs 5000 crore. Let us tell you what is the plan of the last Modi government-
UPI payment system: If you also do transactions through UPI, then there is important news for you. The government may consider levying a uniform digital payment facilitation fee of 0.3 per cent on such transactions to finance the infrastructure required for the UPI payment system update and ensure its financial viability. Indian Institute of Technology (IIT)-Bombay has suggested this in a study.
Government can raise Rs 5000 crore
The study, titled ‘Charges for PPI based UPI payments – The Deception’, states that around Rs 5,000 crore can be raised in 2023-24 from a 0.3 per cent convenience fee.
No charges on payments received by merchants
The study, which analyzed the impact of the National Payments Corporation of India’s (NPCI) decision to impose exchange charges on payments made through mobile wallets, said that payments received by merchants No charges should be levied, whether it comes directly through UPI or through prepaid e-wallets.
Will be based on prepaid wallet
NPCI has started the provision of deducting ‘intercharge’ fee of 1.1 per cent of the payment amount from April 1, 2023 for making payments through UPI to shopkeepers. This will be applicable for prepaid wallet based UPI transactions.
What is the current rule now?
Under the existing law, no bank or any provider operating UPI can charge directly or indirectly any person making or receiving payment through UPI. However, on several occasions banks and system providers have tried to interpret the UPI law in their own way.
