Would you still use UPI if there are transaction charges?
Let's say they impose 1-2% transaction fees on each UPI transaction you make, would you still use it?
Cash is king. If implemented, this would be a brain fade move.
99% of genz will still use UPI even if they charge 1-2%
I don't think so that's true. They will have very clear option of wallets right there in the same app. So it won't make much sense to unnecessary give free money away to government which is f*cking them every step of the way.
How many pay through CC when someone asks to pay 2% premium over cost??????
For larger purchase, yes. Smaller one no.
Also if this is implemented, then wallets will be back. Small shop owners will stop accepting UPI as most people will stop paying 1-2% for under 500-1000 purchase.
UPI apps already use a wallet like upi lite which is quicker than using UPI. People would just do a UPI txn in the wallet.
If UPI starts charging, people will move to wallets. PhonePe Wallet is still a thing we use. NBFCs will also start pushing for wallets as they can start to earn interest on the amounts people preload into their wallets.
It's always on the merchant, not on the user. Debit cards have 1-2% txn charge. Credit cards have 2-4% txn charge. Always has been this way.
Transaction charges will come in future 100 percent. It is possible they wanna take more time. But newer generation will care less and less about charges.
No
Only if govt removes all other taxes!
Only if govt removes all other taxes!
