UPI payment system: If you also do transactions through UPI, then there is important news for you. The government may consider levying a uniform digital payment facilitation fee of 0.3 per cent on such transactions to finance the infrastructure required for the UPI payment system update and ensure its financial viability. Indian Institute of Technology (IIT)-Bombay has suggested this in a study.
Government can raise Rs 5000 crore
The study, titled ‘Charges for PPI based UPI payments – The Deception’, states that around Rs 5,000 crore can be raised in 2023-24 from a 0.3 per cent convenience fee.
No fee will be charged on the payment received by the shopkeepers
No charges should be levied on payments received by merchants, even directly through UPI, says a study analyzing the impact of the National Payments Corporation of India’s (NPCI) decision to levy an interchange fee on payments through mobile wallets. or through prepaid e-wallet.
Will be based on prepaid wallet
NPCI has started the provision of deducting an ‘intercharge’ fee of 1.1 per cent of the payment amount from April 1, 2023, for making payments through UPI to shopkeepers. This will be applicable for prepaid wallet based UPI transactions.
What is the current rule now?
Under the existing law, no bank or any provider operating UPI can charge directly or indirectly any person making or receiving payment through UPI. However, on several occasions banks and system providers have tried to interpret the UPI law in their own way.