Waive all IMPS charges to encourage digital payments for a less cash India
The Issue
Dear Sir,
As the entire country responds to your call to go cashless and adopt digital payments, there is bound to be a manifold increase in the number of digital payments and a steep fall in the average transaction size as we will now see payments of a few rupees also being made digitally.
The Immediate Payment System (IMPS) operated by NPCI is robust and well adopted. Even in October 2016 when paper currency was valid, payments of Rs.40,000 crores were transacted over IMPS.
However, our citizens are having to think twice about widespread use of IMPS because of the transaction charges being levied by banks upon remitters. Currently banks levy a minimum charge of Rs.5 plus service tax (adding up to Rs.5.75) on each transaction. This is being done despite there being no incremental expense for the bank.
We request you Sir, to direct banks to waive all transaction charges on IMPS, at least up to a threshold amount of Rs.10,000/- to encourage more payments through IMPS. This will also help citizens to adopt IMPS instead of looking at other options like private wallets.
Some of the advantages of waiving charges on IMPS and promoting it are:
1. Payors do not have to worry about any charges, and the receiver gets the money directly to her bank account
2. No need to create a UPI Id by the Receiver. They just have to inform their Bank account number and IFSC code. Hence there is zero lead time required for going digital
3. No additional hardware like Point of Sale (PoS) machines are required as Senders can use their smartphones or desktops to send money, and Receivers will receive SMS about credits on their feature phones or smartphones
4. Money goes directly to receiver's bank account instantly without any middlemen like private wallets
5. Safe, secure and robust publicly owned payment mechanism, which is truly 'Made in India', without any foreign corporations like Visa, Mastercard etc.
6. Will nullify the false propaganda that the digital revolution is being promoted to benefit banks and private organizations.
Thanking you Sir,
Jai Hind.
The Issue
Dear Sir,
As the entire country responds to your call to go cashless and adopt digital payments, there is bound to be a manifold increase in the number of digital payments and a steep fall in the average transaction size as we will now see payments of a few rupees also being made digitally.
The Immediate Payment System (IMPS) operated by NPCI is robust and well adopted. Even in October 2016 when paper currency was valid, payments of Rs.40,000 crores were transacted over IMPS.
However, our citizens are having to think twice about widespread use of IMPS because of the transaction charges being levied by banks upon remitters. Currently banks levy a minimum charge of Rs.5 plus service tax (adding up to Rs.5.75) on each transaction. This is being done despite there being no incremental expense for the bank.
We request you Sir, to direct banks to waive all transaction charges on IMPS, at least up to a threshold amount of Rs.10,000/- to encourage more payments through IMPS. This will also help citizens to adopt IMPS instead of looking at other options like private wallets.
Some of the advantages of waiving charges on IMPS and promoting it are:
1. Payors do not have to worry about any charges, and the receiver gets the money directly to her bank account
2. No need to create a UPI Id by the Receiver. They just have to inform their Bank account number and IFSC code. Hence there is zero lead time required for going digital
3. No additional hardware like Point of Sale (PoS) machines are required as Senders can use their smartphones or desktops to send money, and Receivers will receive SMS about credits on their feature phones or smartphones
4. Money goes directly to receiver's bank account instantly without any middlemen like private wallets
5. Safe, secure and robust publicly owned payment mechanism, which is truly 'Made in India', without any foreign corporations like Visa, Mastercard etc.
6. Will nullify the false propaganda that the digital revolution is being promoted to benefit banks and private organizations.
Thanking you Sir,
Jai Hind.
The Decision Makers
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Petition created on 11 December 2016