UPI Payment – If you make purchases using UPI, then there is good news for you. The government is making a plan in which people who use UPI for payment instead of credit card will have to pay less. With the implementation of this plan, people’s interest in making payments using UPI will increase. On the other hand, the use of credit card for payment may be affected.
Let us know about this in detail. A charge of 2-3% is levied on payment by credit card, which is called Merchant Discount Rate (MDR). This charge is not levied on payment by UPI. When you make payment to a shopkeeper by credit card, he has to pay MDR up to 2-3% on it. Many shopkeepers make this payment from their own pocket. Some shopkeepers put the burden of MDR on the customers.
They tell the customer that if the payment is made by credit card, an additional charge of 2-3% will have to be paid on it. This charge becomes very high on purchases of large amounts. It has been said that the Consumer Affairs Ministry is thinking of creating a system in which the benefits of UPI payment will be directly passed on to the customers. This means that if you have to pay Rs 100 for an item by credit card, then by paying through UPI, you will have to pay only Rs 98 instead of 100. Getting an upfront discount on shopping will increase people’s interest in making payments through UPI.
According to a report, the Consumer Affairs Ministry wants to discuss this plan with several parties. These include e-commerce platforms, payment service providers and NCPI. A meeting may be held with all the parties in June to consider this matter.
Transaction will take less time
Now transactions through UPI will also take less time. This system will be implemented from June 16. Currently, the processing of UPI transactions takes 30 seconds. Instead, it will now take only 15 seconds. This means that as soon as you make the payment, your money will reach the shopkeeper’s account.