You are at UPI: Payment Services Made Easy In Cashless Future

UPI: Payment Services Made Easy In Cashless Future

With the Unified Payment Interface (UPI) going live, a look at the various measures taken or being considered by the government and the regulators to aid India's move towards a cashless economy over the last few years.

1. Banning cash transactions of more than Rs.3 lakh and capping cash holdings at Rs.15 lakh under review.

2. Incentives for encouraging electronic payments on the anvil.

3. Legislative backing to Aadhaar making it the mainstay of India's direct benefit transfer programme.

4. Mandatory for the seller to deduct tax at 1% wherein cash payments exceed Rs.2 lakh.

5. Quoting of PAN mandatory for all sale and purchase of goods and services above Rs.2 lakh.

6. Real time transfer of money using Immediate Payments system and Aadhaar enabled payment system.

7. The Bharat Bill payment system to allow users to use a single website or outlet to pay all the monthly bills such as mobile phone and electricity.

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