UPI: A large population in the country is using UPI for everyday transactions. Now not only payments at shops but many other essential tasks can also be done easily through UPI.
Impact of increasing use of UPI
UPI has become the most popular medium of digital payment in India. Every day, crores of UPI transactions take place, through which transactions worth hundreds of crores of rupees are done. Most people use UPI for buying grocery items, mobile recharge, bill payment and other services. Platforms like Paytm, Google Pay and PhonePe are the biggest mediums of UPI payment.
Google Pay and Convenience Fees
Google Pay, the second largest UPI payment service provider in India, is now charging convenience fees on some services. However, most users are unaware of this additional charge. According to a report by the Economic Times , Google Pay has started charging on services that were previously free.
On which services will additional charges be levied?
According to the report, Google Pay has imposed convenience fees on payments such as electricity and gas bills. However, this fee is applicable only when the payment is made through credit card. Now additional fees will have to be paid for paying bills through credit or debit card. Earlier, companies were charging on mobile recharge, and now this scope can extend to other services as well. This fee can be from 0.5% to 1% of the transaction amount, which also includes GST.
Mandatory fee for card payments
Google Pay offers a variety of bill payment options, but the card payment option is not available for all transactions. If users pay bills using credit or debit cards, they will have to pay an additional fee. However, if they pay directly from a UPI linked bank account, they will not have to pay any additional fee.
Charges are already applicable on mobile recharge
Some companies are already charging different fees for using UPI for mobile recharge. Now this fee will not be limited to mobile recharge only, but can also be applicable on electricity bills, insurance premium, DTH recharge, railway and flight ticket booking, metro card recharge, fastag and other services.
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