Get ready to pay for UPI transactions - RBI releases discussion paper

[mmadhankumar]

The Reserve Bank of India has released a Discussion paper titled, "Charges in Payment Systems" to seek feedback from the stakeholders about introducing charges to the UPI payment system. The discussion paper is released to restructure the policies and streamline the framework of charges for different payment services like UPI, IMPS, NEFT, RTGS, Debit cards, Dredit cards etc. RBI has proposed charges for UPI payments, similar to the IMPS fund transfer. A tiered charge could be imposed based on the different amount bands.

Questions put forth by the apex bank for feedback are as follows:

1. In the context of zero charges, is subsidising costs a more effective alternative?

2. If UPI transactions are charged, should MDR for them be a percentage of transaction value or should a fixed amount irrespective of the transaction value be levied?

3. If charges are introduced, should they be administered (say, by RBI) or be market determined?

 

[Amit1079]

Worst decision ever will b this one

 

[dinee]

Back to old age.

 

[Kuttusan]

Upi charges for merchant transactions are necessary it should be on par with credit cards so many freeloaders deny cc payment because of upi. Keep upi personal payments free

 

[Prithi Deb]

It was a good run.
Back to cash.

 

[rohan7]

Old is gold
Back to cash payments

 

[iDJ]

I am just looking forward to government's diehart supporters to come out with all the new excuses to defend it. Like they did when government introduced GST in dairy products.

 

[hike]

Ukraine Russia conflict is the reason behind it

 

[rohitvatsa]

https://twitter.com/x/status/1561369441211805699

Source

Govt. is great at trying to sense public outrage before introducing some sh#t rule

 

[Kmr]

If government really implemented it will be like cutting their legs from own axe..