INDIAN ECON, POLITICS, SOCIETY + BTC PRICE

[JSRAW]

UPI was never free from the start, it just gov was footing the bill and they spend around 1500-2500 cr every year

When we pay with credit cards, most of the time processing fees are absorbed by vendors and as far as i know gov applying same logic on UPI, if that's the case then it looks alright to me.

Right now cc charge 2-3% processing fees/ surcharge on every transaction and last proposal from gov was 0.2-0.5% fees only if your transaction is above 2000rs ( additional clause if your annual turnover is above 1.5 crore inr) and it's not applicable to small merchant or if you are sending money to family, friends.

"The Government of India may soon put a charge on UPI" - Source

What is your take on this stupid move from our government? They encouraged everyone to go for a cashless economy, and UPI became so popular that we are even using UPI for 10rs purchases on the corner shop, now we are so used to the system they want to pass on the charges to the merchants which will eventually be transferred to the customers by one way or the other.

Read the article and it mentioned same thing.

Idk why you brought 10rs argument?

https://x.com/ANI/status/2085719685996454057

[Bitcoin Smith]

UPI was never free from the start, it just gov was footing the bill and they spend around 1500-2500 cr every year

When we pay with credit cards, most of the time processing fees are absorbed by vendors and as far as i know gov applying same logic on UPI, if that's the case then it looks alright to me.

Right now cc charge 2-3% processing fees/ surcharge on every transaction and last proposal from gov was 0.2-0.5% fees only if your transaction is above 2000rs ( additional clause if your annual turnover is above 1.5 crore inr) and it's not applicable to small merchant or if you are sending money to family, friends.
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Idk why you brought 10rs argument?

https://x.com/ANI/status/2085719685996454057

They said the charges will be applied for the transaction over 2000 and it is not the new proposal, we had that one way long before but not implemented yet. However what if this is not the end, over the period of time they will be charging every UPI transactions just likw how banks are forcing us to pay to send our money to other accounts, charges for every ATM withdrawal, set cap limits on maximum withdrawal and many such and by these kind of small charges SBI alone made like 40 thousand crores which all are nothing but looting the people's money in paises.

[JSRAW]

They said the charges will be applied for the transaction over 2000 and it is not the new proposal, we had that one way long before but not implemented yet.

So there should be no fearmongring, right?

However what if this is not the end, over the period of time they will be charging every UPI transactions just likw how banks are forcing us to pay to send our money to other accounts, charges for every ATM withdrawal, set cap limits on maximum withdrawal and many such and by these kind of small charges SBI alone made like 40 thousand crores which all are nothing but looting the people's money in paises.

They didn't implement their own plan after subsidizing UPI for 10 years and here you are wondering about hypothetical scenario, does that sound like fair criticism to you?

ATM withdrawal and cap limit are fair reason to outrage but it isn't new and we were very late on this, in comparison to world. Never faced any charges through NEFT, IMPS does but the kind of service it provides its only fair to charge some fees. Also, 99.99% don't care about 10rs fees when transferring lakhs.

[Bitcoin Smith]

They said the charges will be applied for the transaction over 2000 and it is not the new proposal, we had that one way long before but not implemented yet.

So there should be no fearmongring, right?

However what if this is not the end, over the period of time they will be charging every UPI transactions just likw how banks are forcing us to pay to send our money to other accounts, charges for every ATM withdrawal, set cap limits on maximum withdrawal and many such and by these kind of small charges SBI alone made like 40 thousand crores which all are nothing but looting the people's money in paises.

They didn't implement their own plan after subsidizing UPI for 10 years and here you are wondering about hypothetical scenario, does that sound like fair criticism to you?

ATM withdrawal and cap limit are fair reason to outrage but it isn't new and we were very late on this, in comparison to world. Never faced any charges through NEFT, IMPS does but the kind of service it provides its only fair to charge some fees. Also, 99.99% don't care about 10rs fees when transferring lakhs.

Mainstream media brought this into the spotlight for some reason even though there aren't any changes made from the previous proposal, so I brought it here for the discussion as well. Also watched a few podcasts that also touched on this subject that is where I got the idea of charging everything in the future. Which might be fair on a country where people make 10x of our median salary but here the middle class people are being injected with more and more burden, which isn't fair, right?