October 2025
Intermediate to advanced
400 pages
10h 29m
English
book
Decentralized Finance and the End of Traditional Banking
by Jyoti Verma, Amandeep Singh, Gagandeep
Content preview from Decentralized Finance and the End of Traditional Banking
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13Unified Payment Interface (UPI): An Analytical Dissection of the Current Framework and Future Scope of Introducing a Charge-per-Transaction Model
Rashmi Aggarwal, Tanvi Verma*, Ishaan Sharma, Ashwin Kumar and Jatin Verma
Chitkara Business School, Chitkara University, Punjab, India
Abstract
Since its inception in 2016, the United Payment Interface (UPI) has garnered widespread attention in the Indian financial ecosystem. Its significant role in enhancing financial and technological inclusion has witnessed an exponential surge in recent years, primarily attributed to the absence of transaction costs. However, the zero-cost policy of UPI appears to be negatively affecting the payment stakeholders. In addition, the Reserve Bank of India has recently published a discussion paper titled “Charges in Payments Systems”, in which the idea of imposing fees on UPI transactions is presented as a potential revenue stream for the central bank. This research paper aims to evaluate the present status of the UPI infrastructure and assess the justifiability of imposing a Merchant Discount Rate (MDR) on UPI transactions while also exploring the potential structure of such charges.
Keywords: Unified payment interface, national payments corporation of India, digital payments, merchant discount rate, cashless transactions, reserve bank of India
13.1 Introduction
The National Payments Corporation of India (NPCI) was formed in 2008 under the guidance and support of the Reserve Bank of India (RBI) ...
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