UPI Transaction will be cheaper than swipe card know what is govt plan

Big news has come for UPI users. If you use UPI for digital payment then shopping can be beneficial. Yes, the government is working about this, if this rule is implemented, then customers will directly have a transaction of Rs 100 for Rs 98. Let us know about it in detail.

UPI will be cheaper than credit card

The government is making a new plan to promote UPI transactions. Scanning the UPI code to shop can prove to be cheaper for you by swiping the credit card. If efforts made by the Ministry of Consumer Affairs on payment transaction fees are successful, then customers will directly benefit.

Customers benefit from MDR discount

Let us tell you that at present, the seller has to pay 2-3 percent MDR (a type of charge) on credit card payment. Most vendors give this charge themselves. (In some situations, customers can also be asked to pay this charge). For example, if the customers shop for Rs 100, then the MDR charge will be charged on payment by credit card, which the seller will pay, then he will get less amount from the payment made by the customer. On the other hand, if the customer pays from UPI, then there is no MDR charge on him, then the seller will get full money. In such a situation, the government wants that charge to be provided to the customers on UPI payment. With this, only Rs 98 will have to be paid for goods paid for Rs 100.

According to Livemint report, the government is working on a plan that will convey its unified payment interface (UPI) cost benefits to customers and encourage UPI to promote use. Ministry officials will soon meet the concerned people to pursue the plan. This step will encourage UPI use by giving discounts during purchase. Users will get reward effectively to choose zero fees digital payment mode. According to the report, the Ministry of Consumer Affairs is ready to consult with several institutes including e-commerce platform, payment service provider, National Payment Corporation of India (NPCI), Financial Service Department (DFS) and Consumer Rights Group. The final plan can be prepared after a meeting with everyone in June.