It must have happened to you sometime or the other that when you go to a small shopkeeper and pay with debit or credit card, the shopkeeper refuses you.
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Two birds with one stone.. You must have heard this phrase.. But how will it be when this phrase falls on your pocket through digital means in your life. In fact, by increasing the surcharge on UPI, efforts are being made to give meaning to this phrase. We are not saying this, but the banking experts are assuming it. This can happen through NPCI surcharge. When the news of UPI surcharge came, NPCI issued a clarification in a hurry and said that its burden will not fall on the general public but the real problem starts from here. Let’s know what is the truth behind this.
It must have happened to you sometime or the other that when you go to a small shopkeeper and pay with debit or credit card, the shopkeeper refuses you, but even if he is ready after persuasion, he says it clearly. That brother, you will have to pay the charge of 1 or 2 percent on this.
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the game will be like this
This is the matter of credit or debit card, now it comes on the issue of UPI. Regarding the additional charge on UPI, NPCI has made it clear that this charge will be taken from the merchant and not from the common customer. Suppose you went to a store and made a payment of Rs 20,000 through UPI there, then a payment of Rs 20 has to be given to the merchant at the rate of 1 per cent. But as it happens with card payment, won’t the same happen with UPI payment. The merchant can clearly say that you will have to pay this payment.
what do experts say
According to Ashwini Rana, banking expert and founder of Voice of Banking, of course NPCI has made it clear that its burden will not fall on the general public. But it is also possible that as of now, the merchant who asks for interchange fee on card payment, will not ask for UPI.. Actually the government is trying to promote digital but after increasing the charge on UPI, when the customer If they face any kind of problem, they will have to resort to cash only.
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Where will be the impact
This decision of NPCI will have an impact on prepaid instruments. The effect of this will be reflected in the form of interchange fees like wallet, smartcord, voucher and any such magnetized chip which comes under prepaid instrument. Its effect will be visible on Paytm Wallet, PhonePe Wallet, Amazon Pay, Mebikwik Wallet or Sidax Wallet.
Promotion of Cash or Show off of Digital
On one hand, the Reserve Bank of India is constantly trying to promote digital. For this, RBI has also launched its digital currency. This decision of NPCI is also similar to the one inspired by promoting digital currency, but when a shopkeeper will not accept the charge, then you will have to pay cash only. It is clear that the cash flow will increase in the market.
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