Today, UPI is being used very quickly. Whether people buy small things or big things, they pay for them through UPI. That is, with the advent of UPI, transactions have become very easy. Till now, it was being used for free, but now you will have to pay a fee to use UPI. This means that now it will not be free.
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UPI will not remain free
RBI Governor Sanjay Malhotra says that the system that works for UPI cannot always remain free. While presenting the monetary policy of August, he said that the real thing is to decide who is paying the cost of UPI payment. He said that the government has to decide this.
Currently, businesses bear the burden of MDR
He says that we do not say that UPI will always remain free. He has been asked whether the burden of MDR can be put on the customers. MDR refers to the fee that is levied by payment processing companies on shops or other businesses that accept payments through credit or debit cards.
Someone is paying the cost of UPI
Malhotra says that I believe that UPI cannot remain free forever. He says that someone is paying the cost of this. Subsidy is being given by the government, but somewhere the cost is being paid. He says that the user is never forced to pay the cost. Instead, he was seen to be in sync with the government’s stance on this matter. The Finance Ministry has to decide on the issue of pricing and subsidy in this matter.
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This statement of the RBI Governor came at such a time. Some banks have started charging for UPI payments routed by them. Experts say that if fees are levied on UPI transactions, then their use may be affected.