• UPI payments to be charged? Finance ministry responds

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    UPI payments to be charged? Finance ministry responds

     Although it wasn't particularly addressing UPI transactions, the document covered a number of electronic payment systems, including Immediate Payment Service (IMPS), the National Electronic Funds Transfer (NEFT) system, and the Real Time Gross Settlement (RTGS) system.

    Digital Desk: Regarding claims
    that it could charge extra fees for UPI payments, the Central Government has
    clarified its position. UPI (Unified Payments Interface) is a "digital
    public utility," according to a series of tweets from the Ministry of
    Finance published on Sunday, and there are no intentions to charge for UPI
    services. According to the tweet, the government has financially supported the
    country's digital payments ecosystem. It also noted that alternative funding
    mechanisms must be explored to meet the expense of recovery. The ministry went
    on to state that it has also made plans to offer support this year to encourage
    more people to adopt electronic payments.



    In response to rumours that UPI
    transactions might be charged an additional cost to support the payments
    infrastructure, the remark was made. The Reserve Bank of India has also asked
    for comments on the topic, according to a discussion paper released on August
    17th. Although it wasn't particularly addressing UPI transactions, the document
    covered a number of electronic payment systems, including Immediate Payment
    Service (IMPS), the National Electronic Funds Transfer (NEFT) system, and the
    Real Time Gross Settlement (RTGS) system.



    The report demanded that the
    government maintain the zero-MDR (merchant discount rate) policy, which is
    still in place for RuPay and UPI transactions. Service providers assert that
    systems can be improved by tying an MDR fee to digital payments.



    The Payments Council of India
    (PCI), the trade group for the country's digital payments ecosystem, requested
    in writing to the government that the zero-MDR policy for UPI and Rupay debit
    cards be reversed before the introduction of the Union Budget 2022. MDR (0.4 to
    0.9%) is currently assessed on Visa and Mastercard debit cards, and it is
    divided between the issuer banks and acquirer.



     



    In its paper on UPI, the RBI
    asked for feedback on whether it should be treated differently from debit cards
    from Visa and Mastercard. The administration declared in the tweet that it is
    in favour of "economical and user-friendly" digital payments.



     

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