Making UPI Sustainable: A Model to Charge the Transactions
- Author Akash B. Navi
- Co-Author Dr. Shantavva M. Porapur
- DOI http://wwj
- Country : India
- Subject : Management Studies
Keywords : UPI, BHIM, Digital Payments, Digital Economy, Cashless Economy
Abstract
Unified Payment Interface or simply put UPI is a product of NPCI that allows for instant money transfer between bank accounts without the need of entering the account number and IFSC Code. The transfer can be done by scanning a QR code or with the help of a virtual payment address. UPI witnessed a pilot launch on 11th April 2016 by Dr. Raghuram G. Rajan, Governor, RBI at Mumbai. 21 member banks were selected for the pilot project and now down the line, we have more than 320 member banks (PSP and Issuer) on the UPI platform. Currently, the money transfers done using UPI cost nothing as they are free of cost. This paper focuses on understanding the Pros and Cons if the regulators start charging a minimal number of charges for the transfers along with a model that can be used to charge the users.
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