The Department of Financial Services said in a tweet, “UPI has made a big contribution in bringing changes in digital payments in the country. Around 782 crore transactions worth Rs 12.82 lakh crore have happened in December.” UPI is a real-time payment system through which transactions can be done from one bank to another. These transactions are easily done through mobile. No charge has to be paid for this. This means of payment is continuously increasing and 381 banks are involved in it. Also in furthering financial inclusion upi Getting a lot of help from.
Recently, the National Payments Corporation of India (NPCI) had informed that as per the instructions of the Reserve Bank of India (RBI), transactions up to Rs 2,000 will not be charged on RuPay credit cards. Nil Merchant Discount Rate (MDR) will be applicable for transactions falling in this category. MDR is the cost paid by the merchant to the bank for accepting credit or debit card payments from their customers. The merchant discount rate is a percentage of the transaction amount. RBI Deputy Governor T Rabi Sankar had said that the purpose of linking UPI with credit cards is to give more payment options to customers. UPI is linked to customers’ savings or current accounts through debit cards.
The retail trial of digital rupee has started in the country since last month. This trial has been started in four big cities – Delhi, Mumbai, Bengaluru and Bhubaneswar from Thursday. After its completion, it will be decided whether the Central Bank Digital Currency (CBDC) is an efficient means for everyday purchases or not. Banks participating in the trial include State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. There has been a rapid growth in UPI payments after demonetization in the country. Digital rupee can also get the benefit of this. CBDC is a blockchain-based payment solution, which is controlled by the Central Bank.