In India, UPI is no longer just an online payment platform but has become the most important part of the daily life of common people. Since the inception of UPI, its use is increasing continuously. Meanwhile, there are talks that the government will now charge on transactions done through UPI. However, the official statement of the government has come in this whole matter. Let us tell you that there were reports in the media in which it was claimed that the government can re-implement the Merchant Discount Rate i.e. MDR on UPI transactions of more than ₹ 3000. The policy of zero MDR has also been going on on UPI transactions since the year 2020.
What has the government said in its statement? The Finance Ministry of the Government of India has issued an official statement amid speculations of charging on UPI transactions. The Finance Ministry said that the claims and speculations of imposing MDR on UPI transactions are completely false, baseless and misleading. The Finance Ministry said that such baseless and sensational speculations create unnecessary uncertainty, fear and doubt among our citizens.
The government is making efforts to reduce the cost of UPI transactions through UPI. It is fully committed to promote digital payments. This simply means that you can transact as much as you want using UPI; no charges are being levied on it. How much money is being transacted using UPI? According to NPCI data, on June 10 alone, a total of 634.29 million transactions were done using UPI, through which a total transaction of more than Rs. 91838 crore was done. In the first 10 days of June, a total of 6346.42 million UPI transactions were done, through which a total transaction of Rs. 8981 crore was done. Let us tell you that UPI is being used on a large scale as an online transaction among the common people of the country. UPI has left the major banking online payment system IMPS far behind. So what is your opinion on this statement of the government?