The game of Phonepe and Google Pay is over, the new UPI Plugin payment system is coming, know the plan behind it
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What is UPI Plugin System
Actually now if you order anything online, then for payment you are transferred to a third party like Googlepay or Phonepay. During this, it is seen many times that there is a problem in making the payment. To overcome this problem, UPI plugin system is being introduced, in which third party apps like Google Pay and PhonePe will be removed for online payment. PlanIn means that there is no need for a UPI payment app. In this, payment can be made using virtual payment address for any online payment.
what would be the advantage
UPI plugin will reduce the number of frauds. Along with this, online payment will speed up. It is believed that due to the UPI plugin, the number of payments will increase.
Google Pay and PhonePe, the biggest players in online payments, are not happy with the UPI plugin. He says that the UPI plugin is a good step. But it has many challenges.
What is the plan of the government
PhonePe accounts for 47 percent of the current online UPI payments. While Google Pay is at the second position with 33 percent. While Paytm is at the third position with 13 percent. This is the plan of the government that no one or two companies should get hold of the UPI payment sector. For this, the government has also made a provision of 30 percent cap.
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