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?

[Cointikka]

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?

Do not fall for the propaganda by the left or the US-sponsored media outlets. They are here to disrupt the country's economic activities. They do it because they are jealous of our advancement in fintech technology. They want to create a ruckus whenever the parliament is in session. In this country that we know as INDIA, there is so much diversity and unity that if we go 10 to 100 kms away from our home, we see change in food, language, and culture. This is our strength, and this is why we are still surviving.

UPI was created to break the parallel economy that ruled with cash transactions. The government came up with UPI to break that parallel economy. Then why will it charge the consumers? They can charge the retailers or the dealers a small fee to fund the infrastructure. Do you know if a retailer uses UPI with any of the service providers, they get easy loans from banks and a good CIBIL score? There are many benefits for retailers and dealers using UPI. There is nothing for consumers; then why will the government ask us to pay a fee?

[Bitcoin Smith]

Then why will it charge the consumers? They can charge the retailers or the dealers a small fee to fund the infrastructure. Do you know if a retailer uses UPI with any of the service providers, they get easy loans from banks and a good CIBIL score? There are many benefits for retailers and dealers using UPI. There is nothing for consumers; then why will the government ask us to pay a fee?

UPI also needs funds for it's operation just like the usual payment processor but it's paid by the government if I am not wrong. If they start charging the merchant instead of the customer, then they will simply pass on the extra fee paid by them onto the products so ultimately we are going to pay even if the merchant or dealer is paying the fee directly.

If I am not wrong having Rupay is hurting Visa and Mastercard, which are US-based, since we can now eventually use a Rupay credit card at free of charge while the other two have fees so pushing UPI for fee will help the US based procesor not Rupay.

[JSRAW]

^^ i think majority of us here against freebie culture.

How subsidising UPI is any different from bla bla this yojna that yojna or handing cashout? Why shouldn't gov put efforts to make UPI self sufficient? They did their bit for a decade and now that UPI is set,  this subsidized amount should go to another thing which could help us on self reliance and it could be anything.

We can't be hypocrite on handing out doles just because it's related to tech and if you look at it, it's also falls in freebie culture.

[Bitcoin Smith]

^^ i think majority of us here against freebie culture.

How subsidising UPI is any different from bla bla this yojna that yojna or handing cashout? Why shouldn't gov put efforts to make UPI self sufficient? They did their bit for a decade and now that UPI is set,  this subsidized amount should go to another thing which could help us on self reliance and it could be anything.

We can't be hypocrite on handing out doles just because it's related to tech and if you look at it, it's also falls in freebie culture.

This is not the same as freebies, they introduced us to a new system in the name of convenience but the real reason is better tracking for the tax agency. Now even the roadside vendor has switched to the system, how is it fair to charge us? If they didn't then we should be using paper money like we always used to right?

And where is this money that we are charged gonna end up? Paying government bank employees who don't even treat customers as human beings.

[JSRAW]

^^ UPI as product is good, has mean to become self sufficient with minimum price in comparison to it's rivals but society don't want to pay and want taxpayers to pay the bill. Yup, imo that's freebie 

Yeah gov and tax agency must be tracking how someone spend 200 rs at golgappe stall. This sort of worries never come up when we use CC etc. We wonder why we have a less percentage of tax payers in our country and when someone actually trying to merge informal economy into main one, we are scared that they're tracking and we have to pay taxes.

If some roadside vendor doing good in business and earning in 10s of lakhs and if it falls under tax slabs then why shouldn't they pay the taxes? Unless we think that only salaried person should pay the taxes and the one in informal economy shouldn't despite making more money.

All the money will go into same infrastructure which gov atm subsidising.

[Cointikka]

UPI also needs funds for it's operation just like the usual payment processor but it's paid by the government if I am not wrong. If they start charging the merchant instead of the customer, then they will simply pass on the extra fee paid by them onto the products so ultimately we are going to pay even if the merchant or dealer is paying the fee directly.

If I am not wrong having Rupay is hurting Visa and Mastercard, which are US-based, since we can now eventually use a Rupay credit card at free of charge while the other two have fees so pushing UPI for fee will help the US based procesor not Rupay.

You can check the government press release to get more clarity. Not all merchants will incur the charge if applicable. Only certain merchants that meet a threshold will pay a small percentage. They have not decided on the MDR yet, but once the bill is passed, it will be decided.

The problem with this BJP led governement is that they have always been slow in communicating with the citizens of the country. Once there is an uproar, then only they will come up with a clarification. The same has happened again, and I do not know just when the parliament starts, why suddenly there is so much chaos in India.