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RBI mulls introducing charges on UPI-based funds transfer (UPI as a funds transf...
source link: https://nextbigwhat.com/rbi-mulls-introducing-charges-on-upi-based-funds-transfer-upi-as-a-funds-transfer-system-is-like-imps/
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RBI mulls introducing charges on UPI-based funds transfer (UPI as a funds transfer system is like IMPS)
- August 18, 2022
- The RBI Paper said UPI as a funds transfer system is like IMPS. Therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions.
- The RBI Paper asked stakeholders if debit card transactions should be charged as normal funds transfer transactions; and whether RuPay cards should be treated differently from other debit cards affiliated to international card networks in terms of MDR.
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