25 is July 2022)Mumbai: National Payments Corporation of India ,NPCI) is in talks with banks for facilitation rupay credit card Transactions on the QR code acceptance network. Small merchants may be exempt from card acceptance fees, which can go as high as 2%, with the bank deducting large stores from credit card payments.
NPCI MD and CEO Dilip Asbe said that the corporation is targeting one billion daily transactions on the digital platform. “We are looking at this by combining payments – card tokenization for contactless payments, using National Common Mobility Cards in a super-efficient manner, widening the use of toll collection cards for parking, petrol pumps and other uses, Asbe said. an event organized by
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Asbe said there is enough room to scale up UPI transactions. UPI transactions are currently less than Rs 600 crore and the value of monthly transactions is more than Rs 10 lakh crore. According to Asbe, the number of users could triple to 750 million and AcceptBug merchants to 100 million.
Asbe said the growth in cash to GDP currently stands at 14.5%, which was partly due to higher cash holdings due to the pandemic and subsidies deposited directly into bank accounts by the government. This has resulted in more cash withdrawals from bank accounts, he said. “For a country like India, the ratio of currency in circulation to GDP should be in single digits,” he said.