UPI Payment Charges: Dilip Asbe, head of National Payments Corporation of India has indicated this. He said that large merchants may have to pay reasonable fees for UPI-based payments in the next three years.
UPI News: In the coming time, charges may have to be paid for UPI-based payments. National Payments Corporation of India (NPCI) chief Dilip Asbe has indicated this. He said that large merchants may have to pay reasonable fees for UPI-based payments in the next three years. Chief Executive Officer (CEO) and Managing Director of NPCI said that currently our entire focus is on providing a practical payment option for cash and increasing the acceptance of Unified Payment Interface (UPI).
NPCI head gave indications
NPCI head Dilip Asbe said, “A reasonable fee will be imposed from a long-term perspective. This fee will not be charged from small traders but from big traders. I don’t know when this will be implemented. It could be after a year, two years, or three years.” Charges on UPI have been a controversial issue. There is a demand from the industry to impose such charges. Currently the government compensates entities in the environment for such transactions. This has helped in moving forward as per the goal of digitalization.
Budget increased on security
Along with this, Dilip Asbe also talked about increasing the expenditure on cyber security and information security from the current 10 percent of the bank’s IT budget to 25 percent. He said that the risk remains, there is a need to increase this expenditure while being cautious. However, in the future, a lot more money will be needed for more innovation, onboarding more people and incentives like ‘cashback’, he said. He said that another 50 crore people need to be connected to the system.
Let us tell you that transactions through the Unified Payments Interface (UPI) platform crossed the 100 billion mark in the calendar year 2023 and closed at about Rs 118 billion. This represents an increase of 60 percent compared to the 74 billion UPI transactions recorded.
