00:00Let me now tell you about the latest showdown that's happening.
00:03One of the most common issues of payment right now available to us that most Indians are using is the
00:09UPI.
00:11But that's led to a political showdown.
00:13The Congress is charging at the BJP over the fees that will now be levied to the merchants, not to
00:19the customers, to the merchants.
00:21Both the Congress and BJP are going head-to-head over the 0.4% merchant fee on the transaction
00:27above 2,000 rupees.
00:28Congress is mounting a sharp attack, accusing the PM of popularizing UPI once, only to now tax people.
00:35Because they are alleging that eventually the merchants will take it from the customers.
00:40The party is alleging that the merchant fee is being imposed for a reason.
00:44This is under America's pressure.
00:46Congress is calling Prime Minister to stand up, confront the global pressure.
00:50But the BJP is also hitting back hard, making it clear that no customer will be charged for any fee.
00:56Merchants may be charged, but you and I, using this UPI, will not have to pay additional fee.
01:01The party has accused Congress Party of suddenly discovering their love for UPI and of misleading people over the issue.
01:08Because all this while, even before UPI was introduced, they were critical of it.
01:16The people have had a hard time for the people in which wereSayed to the Taliban, who were taking the
01:27money from the organization.
01:27The people who get the money from the organization, their governments were struggling to carry out $2,000.
01:39So they are not using this type of $2,000.
01:41The government is doing that they don't have to pay for any foreign help.
01:45foreign
01:51foreign
01:52foreign
01:53foreign
01:56Thank you very much.
02:51Thank you very much.
03:01Thank you very much.
03:48Thank you very much.
03:53Thank you very much.
04:50Thank you very much.
04:53Let's go back even further.
04:55In 2016, this is what Rahul Gandhi had to say about the UPI.
05:23So it has devastated, especially the poor people, farmers, fishermen, daily wage laborers, everybody
05:32has been hurt by this.
05:36Political showdown aside, what are the industry members saying over this UPI charge?
05:41My colleague, Anjali Pandey spoke to Rohit Mahajan, he's the founder of Pluto's and here's what
05:47he was saying.
05:48Sir Rohit Mahajan, help us understand this 0.4% lovey on UPI transactions above 2,000 rupees
05:55from a merchant's point of view.
05:57What changes for the merchants?
06:01So very nice.
06:03You want me to tell you the basics of the UPI first.
06:08So UPI is actually are two things.
06:11One is P2P and second is P2M.
06:14What is P2P?
06:15P2P is when I transfer you a money or you transfer me a money, this is person to person.
06:21So there is no charge on P2P.
06:24Let's be very, very clear about it.
06:26There are no charges on P2P.
06:28Now, let's come on to the P2M.
06:31So what is P2M when we pay to a merchant or QR code or something?
06:35Now, if you'll see and you'll be shocked to hear, 86% of P2M transactions are less than
06:44500 rupees.
06:4596% is less than 2,000 rupees.
06:49So 96% of transactions on P2M are free.
06:56And government is saying that no one can levy any charges on that.
07:02Earlier, few apps were charging some amount of money on top of it.
07:07Now, nobody can charge on 96% on the transaction.
07:12Mr. Mahajan, I'll come to that because there are other experts also who are claiming that
07:16the National Payment Commission of India is already having a lot of profits and that
07:22UPI is also contributing to those profits.
07:25Then what was the need for this extra livery that has been imposed as you were talking about
07:30the development?
07:30Why can't that be done with the help of the profits?
07:34See, we are talking about today's thing.
07:38We need to talk about for next 10 years.
07:41So one is NPCI charges a certain amount, taking a loss or profit, whatever.
07:46It is for a certain amount.
07:48But at the end of the day, when there is a private apps, there are private TPAPs, private
07:52payment infrastructure companies like ours, we are bleeding.
07:55So trust me, it is a Robinhood thing which government has done.
07:59The basic is 96% small vendors and the shopkeepers, they are not charged.
08:07On paper, it says that the merchants will be bearing the cost and the consumers will not
08:12have to pay anything extra.
08:14But do you think that the merchants will be absorbing this cost or will it be secretly
08:20passed to the consumers in the form of some hidden charges?
08:23So I'll tell you an example.
08:25If you are from Delhi, so there is a Khan market and there is a Sarojini market.
08:30So Khan market, people are already paying through a debit and credit card.
08:35And let's be very frank.
08:36They are using their, flashing their credit cards and they are paying more than 1% and
08:41merchants have been charged for 1%.
08:45So 0.4% for them is nothing.
08:48And if you'll go to Sarojini market, it is less than 2000.
08:51Anyways, you are free.
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