It is very easy to make payments through UPI and after the Covid pandemic, online payments have increased significantly. There is increasing pressure on fintech companies to impose charges on UPI payments. After the ban on Paytm Payments Bank, the concern of fintech companies like PhonePe and GooglePay has increased. At present, the government has rejected the plan to charge, but these fintech companies are repeatedly citing their losses. Let us understand in simple words what this whole matter is.
Due to the ban on Paytm Payment Bank, PhonePe and Google Pay are now the two leading fintech companies in the market. These two UPI payment apps are taking over India's UPI market. Once again the companies have cited their losses, but the government has refused to levy any charges on payments through UPI.
Fintech companies expressed concern over losses
. According to a news published in an English newspaper, fintech companies have expressed concern to the government over the lack of revenue in UPI. He says that to survive in the market for a long time, a system like a credit card with a Merchant Discount Rate (MDR) is needed. Companies have claimed that the zero MDR model is not profitable.
NPCI has not yet given any instructions.
Some fintech companies have proposed and discussed with NPCI the imposition of fees on UPI payments made through prepaid payment devices. However, till now the government has a clear stand in this matter that no charge should be taken on UPI payment. NPCI has not given any statement in this matter.
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