UPI new system: Good news for UPI users, now shopping will be cheaper, government is bringing a new system

UPI new system: A charge of 2-3% is levied on payment by credit card, which is called Merchant Discount Rate (MDR). This charge is not levied on payment by UPI. When you make payment to a shopkeeper by credit card, he has to pay MDR of up to 2-3% on it. Many shopkeepers make this payment from their own pocket

UPI new system: If you shop using UPI, then there is good news for you. The government is making such a plan in which people who use UPI for payment instead of credit card will have to pay less price. With the implementation of this plan, people’s interest in making payment through UPI will increase. On the other hand, the use of credit card for payment may be affected. Let us know about this in detail.

MDR charge is not levied on UPI payment

2-3 percent charge is levied on payment through credit card, which is called Merchant Discount Rate (MDR). This charge is not levied on payment through UPI. When you make payment to a shopkeeper through credit card, he has to pay 2-3 percent MDR on it. Many shopkeepers make this payment from their own pocket. Some shopkeepers put the burden of MDR on the customers. They tell the customer that if the payment is made through credit card, then an additional charge of 2-3 percent will have to be paid on it. This charge becomes very high on purchase of high amount.

This is how you will get the benefit

Livemint has given a news quoting three people who are aware of this matter. It has been said that the Consumer Affairs Ministry is thinking of preparing a system in which the benefit of payment through UPI will be directly given to the customers. This means that if you have to pay Rs 100 for an item by credit card, then by paying through UPI, you will have to pay only Rs 98 instead of 100.

Interest in payment through UPI will increase

Getting upfront discount in shopping will increase people’s interest in making payment through UPI. According to the news of Live Mint, the Consumer Affairs Ministry wants to talk to many parties about this plan. These include e-commerce platforms, payment services providers and NCPI. A meeting can be held with all the parties in June to consider this.

Transaction will take less time

Now transactions through UPI will also take less time. This system will be implemented from June 16. Currently, processing of UPI transaction takes 30 seconds. Instead of this, now it will take only 15 seconds. This means that as soon as you make the payment, your money will reach the shopkeeper’s account.

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