Tag: Google Pay

Transaction Charges apply for bill payments via Google Pay

Google Pay has recently implemented a convenience fee for specific payments made with credit and debit cards. This change affects payments for utility bills, such as electricity and cooking gas, that were previously exempt for lower-value transactions. The fee will range from 0.5% to 1% plus GST, bringing Google Pay in line with other UPI platforms like PhonePe and Paytm, which also charge similar fees.

Convenience Fee for Google Pay

An investigation by ET revealed that a user incurred a charge of around Rs 15 as a “convenience fee” while settling an electricity bill using a credit card. This fee, inclusive of GST, was also referred to as a “processing fee for debit and credit card transactions.

Limited Application of Convenience Fees to Card Payments

According to Google Pay’s official website, the convenience fee applies exclusively to card payments, while UPI transactions linked directly to bank accounts remain free of charge. The specific timeline for the implementation of these fees has not been made clear.

Other Platforms Also Implement Fees for Transactions

PhonePe also charges convenience fees on card payments for specific utility bill payments, including those for water, cooking gas, and electricity. Similarly, Paytm applies platform fees ranging from Rs 1 to Rs 40 for UPI recharges and various bill payments, such as those for gas, water, and credit card transactions.

Costs Associated with UPI Transactions and Government Regulations

Even with the growing popularity of UPI, fintech companies have faced challenges in generating substantial revenue. According to PwC, the cost to stakeholders for processing UPI person-to-merchant transactions is approximately 0.25% of the total transaction value. During FY24, the costs associated with UPI transaction processing amounted to Rs 12,000 crore, with Rs 4,000 crore spent on transactions below Rs 2,000.

Since 2020, the Indian government has eliminated the merchant discount rate (MDR) for UPI transactions under Rs 2,000 to encourage digital payments. Starting in 2021, the government also began absorbing MDR costs for smaller transactions, while for transactions surpassing Rs 2,000, a merchant fee of 1.1% is permissible.

Big News: Tata Group Will Launch its Digital Payment App. Google Pay, Phone Pe To Get Direct Competition

Now the Tata group is also taking a step forward in the race for digitalisation. In fact, the group has made preparations to join the UPI payments club. After the country’s most popular UPI-based service provider PhonePe, Google Pay, WhatsAppPay, AmazonPay and Paytm, the Tata Group may soon launch its own digital payments app.

According to a report, Tata Group is seeking approval from the National Payments Corporation of India (NPCI) to offer its own United Payments Interface (UPI) based digital payment service in the country. It quoted sources as saying that the Tata Group has applied to act as Third Party Application Providers (TPAPs). According to the report, the group is preparing to start services at the earliest or by next month.

Pay Parking Money With Google via Voice Command

Google keeps on bringing new features for its users every day. In such a situation, the company has brought great work and very beneficial Voice Parking Feature for its users. In this, users will get the facility to pay for parking using their voice. This is because of Google’s partnership with ParkMobile.

Let us tell you that the partnership is a recent example of Google’s pressure in the transport segment. This includes biking and ride-hailing in Google Maps. This includes developing a digital one and working with vehicle makers to integrate their Android operating system into vehicles.

The voice parking feature is very interesting. Whenever you park the car, you have to say to Google, Hey Google, paying for the parking (Hey Google Parking Ke Liye Payment Kar Rahe Hain). After this, follow the instructions of Google Assistant to pay from the phone.

Actually Google Pay manages the transaction after listening to your voice. On the other hand, Android upgrade will help users to find out how much time is left. Only after this time will be added with Voice Command. By giving a command to Google, you just have to say Hey Google, Pafrking Status or Extend Parking.

IndusInd Bank Customer? Now Transfer Money From Abroad Through UPI

Now it has become easier than ever to transfer money from abroad to India. IndusInd Bank has entered into an agreement with National Payments Corporation of India (NPCI), under which customers sitting abroad will be able to easily transfer their money to India through UPI. The bank has started this facility from Thailand. Explain that the facility of Foreign Inward Remittance (FIR) has been started through the bank’s UPI.

Take advantage of this facility like this

Let us inform that IndusInd Bank has become the first bank in this initiative to transfer money from abroad to India through UPI. This bank can offer the facility of UPI payments for cross border payments or NRI remittances. The special thing is that this facility will work in real time.

Facility will start from Thailand

To avail this facility, the customer has to add the beneficiary on the DeeMoney website. Let us tell you that DeeMoney is a financial solution provider from Thailand that provides services like money transfer and foreign currency exchange.

The idea of ​​​​implementing the scheme in other countries

The bank plans to provide the facility of cross border payments with other countries through UPI in the future. The bank said that customers can avail this facility 24 hours a day. 

No need for bank account number 

People of India like to transfer money in the country without a bank account or only through UPI ID. Similarly, money can be transferred from abroad also through UPI. Bank account number will not be required for this. The sender just needs to enter his UPI PIN. Keep in mind that the information about all such transactions will remain with the government.

RBI has given good news to Wallet and payment card users like Paytm Phonepe

The RBI has also allowed withdrawals up to Rs 10,000 every month to PPI holders with full KYC by non-banking units.

The Reserve Bank of India (RBI) has good news for payment card and wallet users. The RBI has also allowed withdrawals up to Rs 10,000 every month to PPI holders with full KYC by non-banking units. Also, the maximum amount limit has been doubled to Rs 2 lakh in such PPIs. That is, now you can keep up to 2 lakh rupees in the wallet. Along with this, the RBI has mandated prepaid payment instrument (PPIs) ie payment card and wallet issuing institutions to use PPI holders through authorized card network from 31 March 2022, who have completed their KYC.

RBI said in a circular, PPI holders should be fully KYC for PPI issuers, through authorized card network (for PPI in the form of card) and UPI (for PPI in the form of electronic wallet) It will be mandatory to allow access from. The RBI has said, this facility will come into effect from March 2022.

Big news for Google Pay users, this special feature can start soon

NFC-enabled transactions are more intuitive and convenient. Many fintech companies are working on NFC payments as it allows transactions without the use of an Internet connection.

Given the need for social distancing in the midst of the Corona crisis, Google Pay is launching NFC based payments for its users. NFC based payment does not require users to swipe cards at the place of purchase. Instead, the user can pay without touching his device by bringing it closer to the point of sale machine.

With the help of NFC, the user can make contactless payments, in which the users do not need to swipe the card. Users need to keep the NFC enabled device with the swipe machine and authorize the transaction. In the midst of Corona crisis, this service is considered very important because it does not require contact and the risk of infection is very low. This feature will soon be added to your Google pay account.