Bank-to-bank payments through UPI apps like Google Pay, Phone Pay and Paytm are completely free, according to the National Payments Corporation of India
From small box stores to big shopping malls, UPI payments are available everywhere. Nowadays, online transfer is more and more common among people as we provide money for all the things we buy through many apps like Phone Pay, Google Pay, Paytm etc. No need to carry a lot of cash in hand. Just take a smartphone.. This UPI exchange has taken people under its sway to the extent that they can buy their favorite items in an instant.
It is in this situation that before the last few days, National Payments Corporation of India known as has recently issued an announcement. It has proposed charging 1.1 per cent on UPI transactions above Rs 2,000 using prepaid wallets.
After this, a false message was spread on social media like WhatsApp and Facebook that 0.5 percent will be charged for fuel, 0.7 percent for telecommunication, mail, education, agriculture, 0.9 percent for supermarket and 1 percent for railway ticket booking, mutual fund, government insurance etc. Due to this, there is a fear that charges will be levied when doing UPI money transfer. From now on, the idea of buying things with money in hand has arisen more and more among people
In this context, the National Payments Corporation of India said that bank-to-bank payments through UPI apps like Google Pay, Phone Pay and Paytm are completely free. At the same time, it has been announced that from April 1, only merchants will be charged a fee for transactions over Rs.
Similarly, this fee is applicable for UPI transactions made through PPI with credit card, wallets. has also announced that this transaction fee will be applicable only for digital transactions made through QR code. It can affect merchants especially when transaction fees are paid by merchants to credit card or wallet issuers during transactions. But this practice will not affect small traders and shopkeepers in any way. Because the transfer fee is Rs. It has been reported that only the transfer of more than 2000 thousand is charged
RBI approval of credit for customers through UPI
The Reserve Bank has approved a scheme to provide loans to customers through the UPI network
The banking sector is one of the sectors that has seen major changes due to digital technology in India. People are increasingly using digital payment services like UPI. The number of digital money transactions has grown by a whopping 200 per cent in the four years since FY 2018-19, according to Finance Ministry statistics.
In this context, considering the growth of UPI on the digital platform, the Reserve Bank has approved the scheme of providing loans to customers through the UPI network. The monetary policy meeting was held yesterday under the chairmanship of Reserve Bank Governor Shaktikanta Das and announcements were made regarding major decisions.
At that time, Shaktikanta Das said that the UPI platform is a strong system that handles 75 percent of retail digital payments in the country. At present the loan scheme is in effect through RuPay credit cards and low value BEAM UPI transactions
Further, as an extension of this, the RBI has approved a scheme to provide pre-approved loans to customers through banks through UPI. It will benefit like a credit card system,” he said. The UPI credit facility is said to have more advantages than a credit card.
He does not need to create new users. Direct lending to existing customers. Also, no need to provide credit card etc. It is also said that there are plans to offer this UPI credit scheme through NBFCs in the future
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