RBI’s discussion paper seeks feedback on whether charges should be imposed on UPI and RuPay debit card transactions. As of now, both the payment options attract zero charges under a government mandated framework, which came into effect from January 1, 2020. Because of this, UPI has become a much more competitive option for merchants when compared to other options like credit and debit cards, which levy a charge on each transaction. The paper also highlights various options and seeks feedback on how charges on other payment instruments like RTGS, NEFT, credit and debit cards, and more should be regulated. Why it matters: Favourable policy conditions for UPI and RuPay have made them a popular choice all over the country. But how long can the zero-charges formula sustain? Who will pay the cost of the financial infrastructure being used for free?…
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