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

mmadhankumar

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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?
 

Kuttusan

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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
 

iDJ

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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

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Ukraine Russia conflict is the reason behind it 🤡

 
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