percent in volume (approx. 5.93 to
34.35 billion transactions) and value (approx. Rs.920.38 to Rs.1,623.05 trillion) respectively over the last five years (March ‘15-’20). The RBI’s persistent steps furthering digital payments have supported last year’s challenges and forced wide-spread digitization.
The key initiatives last year, and their impact in the new year, are looked at here.
1. The changing face of UPI- Zero MDR, new revenue streams and the 30% cap
Last year started with
zero MDR s implementation, changing UPI’s revenue potential and converting a previously incentive-based approach to a mandatory, no-profit approach. Even now,
industry meetings with the government for withdrawing the rule are ongoing. UPI transactions are nevertheless ever-increasing, recording 2.23 billion transactions of value
Updated Jan 01, 2021 | 15:25 IST
NPCI said that the news about UPI transactions being charged from January 1, 2021, is incorrect and has requested everyone not to fall prey to such incorrect information. Fake News Alert! NPCI warns people against additional charges on UPI transactions from January 1
New Delhi: It is the start of a new year and a new decade as well. Several new rules are coming into effect from today and a lot of things are changing. Amid all this, there have been reports of additional charges on UPI transactions from today (January 1) onwards. However, for all those who do UPI transactions or payment, there is a huge relief as NPCI has denied any such claim.