UPI: Now will we have to pay charges on UPI payment also? CEO of NPCI told the complete plan
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UPI Payment: If you also use UPI (Unified Payment Interface) for every small and big payment, then this is very useful news for you. Soon, you may have to pay fees for making UPI payment in the country. The organization that operates and regulates UPI is the National Payment Corporation of India (UPI).NPCI) is being planned for this. Giving information about this, the company’s CEO Dilip Asbe said that in the future, big merchants may have to pay appropriate fees for UPI-based payments in the next three years. He said that currently the entire energy is focused on providing cash payment option and increasing the acceptance of Unified Payment Interface (UPI). NPCI CEO said in an event that in future, a lot of money will be needed for more innovation, connecting more people with the environment and incentives like ‘cashback’. The company is trying to connect 50 crore people with UPI. Dilip Asbe also stressed the need to increase the expenditure on cyber security and information security from the current 10 per cent to 25 per cent of the bank’s IT budget. He said that the threat at present is very high, it has given sleepless nights to everyone in the ecosystem.
Small traders will not face problems
Speaking at an event organized by the Bombay Chartered Accountants Society, NPCI chief Dilip Asbe said that a reasonable fee will be imposed from a long-term perspective. This fee will not affect small traders. This will be for big businessmen. He said that I do not know when this will be implemented. This may take one, two or three years. Fees on UPI have been a controversial issue, with the industry demanding imposition of such fees. Currently, the government compensates for such transactions. This helps in furthering the goal of digitalization in a comprehensive manner.
Will be able to make payment up to Rs 5 lakh
National Payments Corporation of India (NCPI) has directed members to comply by January 10 with the banking regulator’s decision to increase the UPI transaction limit to ₹5 lakh for hospitals and educational services, Business Standard reported. To ensure compliance, NPCI has directed banks, PSPs and UPI applications to increase transaction limits for specified merchant categories. Vishwas Patel, joint managing director of Infibeam Avenues, said this is a step in the right direction. The average ticket size has increased in these areas. Therefore, increasing the limits is a good step. He expects there will be no significant challenges in implementing these changes by January 10. PhonePe has also confirmed that it is on track to bring the necessary changes to users as per the stipulated timeline.
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