Nirmala Sitharaman's important announcement on UPI..!?

The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has put an end to many debates in the market with a paper published by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) on charges for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment services. While wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital services are growing rapidly in india, it was the most important reason to bring wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment services to small villages. It is the UPI service. In this situation, the Union Finance Ministry has explained the plan to impose charges on the UPI service.
The UPI framework is currently being planned for use in many countries including the UK and gulf countries. To put a stop to this rapid growth, the RBI has issued an advisory to levy charges on UPI payments. UPI service is not only providing immense convenience to the public but is also a major infrastructure for generating economic gains in the country. At this stage, the government has no plans to charge any fees for UPI services. At the same time, nirmala sitharaman said in her tweet that it is imperative to think of alternative ways to control costs.Last year, the government provided funding to develop the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment ecosystem, and similarly this year too, the central government has clarified that funding will be provided to encourage such payments. In january 2020, the central government withdrew the Merchant Discount Rate (MDR) on UPI and domestic Rupee Debit Card transactions. With this payment through UPI has reached a new high.MDR is the fee paid by the merchant to the bank for offline transactions such as banking, card network, and point of sale and online payment during shopping through eCommerce. In india, the value of money transacted through UPI service in July 2016 was Rs 38 lakh, but it will be Rs 10 lakh in July 2022. crores of rupees.
 In addition to this, it is continuously growing and the added advantage is that now india has started selling UPI services in countries around the world.2 Main Factors UPI service in india is hugely popular due to 2 main factors: 
1. Easy to use
2. Completely free.
According to RBI's own calculations - if you pay Rs 800 to a shopper through UPI, the banks operating the UPI framework, NPCI, and payment service providers will have to pay a fee of around Rs 2. So taking UPI transactions into account, the NPCI system is spending around Rs 1250 crore every month. These expenses are covered by the financial assistance of the central government.

మరింత సమాచారం తెలుసుకోండి:

Sowmiya Sriram

22/08/2022 10:28 AM