Government of India has approved the banks to collect the charges on UPI transactions more than 2000/- to the rate of 0.4% to a cap of Rs 300/-
Person to Person UPI Transaction has zero charges.
Person to Merchant UPI Transaction has zero charges if its under Rs 2000/-
Person to Merchant UPI Transaction above Rs 2000/- now attracts the 0.4% charges. As per the GoI this charge would be as part of the payment eco system and would not be additional to the customer, But the real question is who will pay this? Will the merchant not bake this into the price for the consumer? Eitherway, the end consumer would face this indirectly.
There is a restlessness in the country with regards to this Taxing. Many believe this is bad as this has been the only tech innovation which has grown multifold in India. Now that the GoI / Modi regime is taxing this, real question is , who will bear this?
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