The government has long term plans for scrapping cash payment and make India a cashless economy. In this regards, you might have to pay extra cess for making cash payments, Niti Ayog CEO Amitabh Kant to media.
The online transactions have seen a significant jump ever since the Prime Minister Narendra Modi has announced to ban high denomination currency in India, he added.
"Earlier, there was a charge of 1.5-2 percent on digital transaction when its volume was low. However, its volume has increased now. Since November 8 it has gone up by 316 percent for RuPay, 271 percent for e- wallets , 119 percent for UPI, 1,202 percent for USSD and 95 percent for POS (Point of Sale). Now, volume of digital transaction has increased, so charges on it will be low. The Merchant Discount rate (MDR) should fall," Kant said.
Digitisation is vital for our country to grow at 7.5 percent as India cannot afford a parallel economy.