Indiens Twint: Das Bezahlsystem UPI ist aus dem Alltag in Indien nicht mehr wegzudenken. Nun will die Regierung Gebühren einführen

India's digital payment system, UPI, is no longer seen as something that can be ignored in everyday life. Now, the government plans to introduce fees. Economists fear this change will impact not just users, but also banks and the entire payment system. UPI stands for Unified Payments Interface and represents an unprecedented success story.

Since its launch ten years ago, the number of users has surged rapidly. In July alone, 23.6 billion transactions worth 29.9 trillion rupees ($3.6 trillion) were processed, accounting for nearly half of all digital payments worldwide. UPI is hailed as one of India's greatest digitalization achievements. Its popularity is also due to free payments for users since 2020.

However, running the system is costly, requiring significant amounts to maintain and develop the technology and anti-fraud measures. These costs are currently borne by banks, other financial services, and the government. The government is now planning to change this. Starting from transactions over 2,000 rupees ($17), users will have to pay a fee of 0.25 to 0.5 percent.

The government's new law was passed by Parliament on Monday. Finance Minister Nirmala Sitharaman emphasized that the majority of transactions will remain free, only large transfers will incur the fee, known as the Merchant Discount Rate (MDR). Despite this, criticism followed. Opponents accuse Prime Minister Narendra Modi of breaking his repeated promise not to introduce fees for UPI.

Economists warn that merchants and consumers might revert to cash payments. Banks might be forced to absorb the fees themselves to avoid losing users. The introduction of the fee could jeopardize the system's success. UPI is fast, easy, and secure. With just a user's mobile number, UPI ID, or QR code, money can be sent instantly to the recipient's account.

Almost all Indian banks offer UPI usage, and apps like Bhim, PhonePe, or Google Pay allow linking multiple bank accounts. UPI is now an integral part of India's daily life. In a recent survey, 94% of surveyed merchants in India accepted UPI payments, 57% preferred it over cash, and 72% were satisfied with the system's reliability and speed.

Only 38% preferred cash. Moreover, 57% reported increased revenue since allowing UPI payments. The system has significantly reduced the use of cash, integrating millions of merchants into the formal economy and facilitating Indian workers' remittances and payments for Indian tourists abroad. Eleven countries have already adopted the system, with more expressing interest, including developed economies like the US and the EU.

UPI is efficient, proven, and easily accessible for users. According to recent data, more payments are now made via UPI than through Visa. However, not everyone views the planned fee introduction negatively. Some see it as sensible to finance the system's further development, as credit card usage also incurs costs. They argue that charging UPI fees is only natural.

According to the plan, the fee will not significantly affect the vast majority of users who only make small purchases like a chai or riksha ride.