If you shop from UPI then there is good news for you. The government is making such a plan, in which people using UPI for payment instead of credit card will have to pay a low price. With the implementation of this plan, people’s interest in paying from UPI will increase. On the other hand, the use of credit cars for payment may be affected. Let’s know about this in detail.
MDR charge does not appear on UPI payment
Payment of credit card is charged a charge of 2-3 per cent, which is called Merchant Discount Rate (MDR). This charge does not take place on payment from UPI. When you pay a shopkeeper with a credit card, he has to pay MDR up to 2-3 percent on it. Many shopkeepers make this payment with their pockets. Some shopkeepers put the burden of MDR on customers. They tell the customer that if the payment is with credit card, then an additional charge of 2-3 percent will have to be paid on it. This charge becomes very high on the purchase of more amounts.
You will get benefit like this
Livemint has given a news quoting three people who have been aware of the case. It said that the Consumers Affairs Ministry is thinking about creating a system, in which the benefit of payment from UPI will start getting directly to customers. This means that if you have to pay 100 rupees for payment of an item with credit card, then on UPI, you will have to pay only 98 rupees instead of 100.
UPI will increase interest in payment
Due to the upfront discount in shopping, people will increase interest in paying UPI. According to the news of Live Mint, the Consumers Affairs Ministry wants to interact with many parties about this plan. These include e-commerce platforms, payment services providers and NCPI. There may be a meeting with all sides to consider this in June.
Transaction will take less time
Now transactions from UPI will also take less time. This system will come into effect from 16 June. Currently, processing of UPI transactions takes 30 seconds. It will take only 15 seconds in its place. This means that your money will reach the shopkeeper’s account as soon as you make payment.