2 hrs ago
UP Minister Sanjay Nishad Opposes New UPI Merchant Charges
Some businesses will have to pay a small charge when customers use UPI for purchases above Rs 2,000.
This rule will begin on October 15.
Payments between two people will not be covered by the new rule.
Uttar Pradesh Minister Sanjay Nishad said the charge could make things harder for customers.
He said public policies should reduce hardship rather than add to it.
Nishad also discussed a plan to turn 14,429 primary schools into smart schools.
He said poor children should get the same chance to use smart classrooms.
He also commented on trust among leaders in the Samajwadi Party.
A 0.4% UPI charge will apply to eligible merchant transactions above Rs 2,000 from October 15.
Person-to-person UPI payments will remain outside the new Merchant Discount Rate framework.
Uttar Pradesh Minister Sanjay Nishad opposed increasing charges, saying they could burden consumers.
Nishad said 14,429 primary schools converted into smart schools should benefit children from economically weaker families.
He also questioned trust within the Samajwadi Party leadership after Akhilesh Yadav became president of the Lohia Trust.
- Who
- Uttar Pradesh Minister Sanjay Nishad and the National Payments Corporation of India are central to the report.
- What
- A 0.4% charge is being introduced for eligible UPI merchant transactions above Rs 2,000, while Nishad has opposed higher charges.
- Where
- The comments were made in Lucknow, Uttar Pradesh; the UPI framework applies in India.
- When
- Nishad spoke on Wednesday; the new framework is scheduled to begin on October 15.
- Why
- Nishad said the charge could increase the burden on consumers.
Consumer burden concerns
New payment framework
UPI merchant charges
Consumer burden concerns
Sanjay Nishad said charges should not be increased because they could add to the burden on customers and the public.
New payment framework
The Centre has decided to introduce a 0.4% charge for eligible merchant transactions above Rs 2,000 under the new UPI Merchant Discount Rate framework.
Key facts
- UPI charge
- 0.4% on eligible merchant transactions above Rs 2,000
- Effective date
- October 15
- Excluded payments
- Person-to-person UPI payments
- Issuing body
- National Payments Corporation of India
- Schools affected
- 14,429 primary schools
- Smart-school cost
- Rs 300 crore
- Minister's position
- Sanjay Nishad opposes increasing charges because of possible consumer impact
Quotes
Sanjay Nishad
Uttar Pradesh minister commenting on proposed UPI charges
“The name of the trust itself is ‘Nyas’, and ‘Nyas’ means trust. If you do not have trust in your own blood relations, then what will you do with others?”
thehansindia.com
“Today, there are international issues, whether related to inflation or anything else. We feel that such charges should not be increased.”
thehansindia.com
Sources
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