Unified Payment Interface, or UPI Payment as we all know it has been trending on Twitter. Well, it is happening because of an RBI proposal to add charges on every transaction done through it.
In recent years, UPI has become a preferred mode of payment for many Indians for miscellaneous and regular expenses. Whether it’s shopping, food or even bill payment, with no fee, the use of UPI has grown. A record 6 billion UPI transactions have been crossed this year.
But according to latest news, RBI plans to add a charge for UPI payment in the coming future. It is for development and maintenance of the UPI infrastructure. And since it’s similar to Instant Payment Service, it should be charged fee like that.
RBI said the service uses a lot of resources and puts cost burden, hence why there’s no justification for providing a free service, unless there is an element of public good and welfare. If RBI gives this the go ahead, even debit card payments would be chargeable.
They have asked an important question of who is to bear the cost of infrastructure and services. And how Indians might react to it after becoming used to the digital payment system.
Meanwhile, Twitter is rife with memes and reactions to the latest development. People are questioning that after every type of tax, do we have to incur one on this too? This speculation has led to the trending ‘UPI Payment’ phrase on Twitter. Let us look at how Indians are reacting currently to it:
After #UPIpayment charges pic.twitter.com/Tmg0kiUb4M
— ठाकुर हिमांशु राजपूत (@himurajput0) August 21, 2022
#UPIpayment to be charged soon
People after hearing this : pic.twitter.com/ASwGzCh7gh
— DEBARATI (@DebAnu2002) August 21, 2022
