Explained | India’s UPI push
The story so far: On January 10, the National Payments Corporation of India paved the way for international numbers to be able to transact using UPI. Addressing theinfrastructural and technological changes required to support such payments, he said, “Currently, all the internal systems as well as ecosystem players such as banks, NPCI, etc only understand India-based mobile numbers for UPI transactions. Under the scheme, acquiring banks will be given financial incentives for promoting point-of-sale and e-commerce transactions using RuPay debit Cards and low-value BHIM-UPI transactions for the ongoing financial year. In August 2022, the Finance Ministry tweeted that it was not planning to levy any charges for UPI services, adding, “The concerns of the service providers for cost recovery have to be met through other means.” The Reserve Bank of India expressed concerns about the potential adverse impact of the zero MDR regime on the growth of the digital payments’ ecosystem. The National Payments Corporation of India requested the incentivisation of BHIM-UPI and RuPay debit card transactions to create “cost-effective value proposition for ecosystem stakeholders, increase merchant acceptance footprints and faster migration from cash payments to digital payments.” According to Mr Haria, “Ideally innovation needs to be sustained.
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