Current Affairs - Economy - Discussion

For promoting the adoption of Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has reduced the transaction fees up to Rs 1,000 by 60%. For UPI transactions up to Rs.1,000, the charge has been cut to 10 paise from 25 paise, and for transactions above Rs.1,000 has been retained at 50 paise. This will help the service provider banks, third-party applications and at the same time will also help the consumers in the long run as more cash backs and incentives can get offered. At present Google Pay, Paytm and PhonePe are aggressively promoting UPI by offering case back and other benefits.