Discount on UPI Purchase : If you are one of those who would kill to save a rupee or two on every transaction, then this government’s new offer may be your cup of tea. Indian government is already negotiating a proposal under which you will get an instant discount on every transaction made using UPI. No coupon code, no promo code just pay through UPI and you’ll get an instant discount.
As per the proposal, when someone purchases an item worth ₹100 using UPI to pay for it, they would be paying just ₹98. That is 2% discount. That would not be considered cashback but price reduction at the time of purchase. It will be useful to the consumer and also push people towards digital payments.
And then, when the people pay through credit cards, the merchants must bear 2 to 3 percent as a fee, and normally this is recovered from the customer. But in UPI, no such charges. And now the government also wants to recover this incentive back to the masses themselves, so that greater utilization of UPI can be ensured.
The government will also engage e-commerce websites, payment platforms, NPCI, and other government ministries before deciding on the plan. The sittings would probably be scheduled in June and then the plan would be launched.
This plan will be beneficial in three ways. First, money of the customers will be saved with each transaction. Second, there is no additional fee to be paid by the merchants. Third, electronic payment within the nation will be further increased.
If you do this, not only will UPI payment be convenient but your money will be saved too. Next time you buy something, keep in mind that it is smart saving and smart buying with UPI.