A big update has come out for those using UPI. Now signs of crisis are visible on UPI service. Actually, discussions have intensified regarding the possibility of imposing charges on Unified Payments Interface (UPI). Reserve Bank of India (RBI) Governor Sanjay Malhotra made such a statement in a program on Friday, which has increased the concern of the people. The RBI Governor has increased the concern of crores of digital consumers. During this, he has given an indication that UPI payment cannot remain free forever.
At present, transactions of any amount, be it Rs 1 or Rs 1 lakh, can be done without any charge. But according to the governor, the government is bearing the cost of this facility, which banks and payment companies get in the form of subsidy. During this, the RBI Governor also said something that raised clouds of concern. He said that it is not possible to provide such a big and important service for free forever. Someone will have to pay its cost.
This statement clearly indicates that the government is not in a position to continue the subsidy for a long time. In future, either users will have to pay a nominal fee or the Merchant Discount Rate (MDR) can be implemented again, which was abolished in December 2019. This question is now in discussion whether there can be a fee on UPI transactions in the coming time? However, no final decision has been taken on this yet. If in such a situation, a fee is imposed on UPI, then small shopkeepers, those who rely on online payments will face problems.
