Unified Payments Interface (UPI) has transformed the digital payments scenario in India. Online users are very comfortable in using UPI as it makes the process of online payments very simple and easy just by downloading an app that supports UPI and linking one’s bank account to it.
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In UPI, any app whether it is bank or non-bank company like MobiKwik, Flipkart, Google can implement it by fulfilling standard compliance requirements. Many banks have already integrated UPI on their banking apps and companies like Google, PhonePe & Whatsapp have integrated UPI and are enjoying the success from last year nd a half. Even Government has launched BHIM which has made good user base due to the Digital India promotions by the Prime Minister Narendra Modi himself.
MobiKwik has recently launched BHIM-UPI on its platform and over 5 Million UPI Accounts have used it in the first 2 weeks. MobiKwik is also trying to increase the numbers by making their app easy to use for small merchants.
MobiKwik CEO Bipin Preet Singh has shown concerns over the new policies of UPI and has said that BHIM app is doing discrimination with private companies. According to him the new incetive plan has been made to promote the usage of BHIM-UPI but users will only get benefit if they use the BHIM app or any Bank app but not applicable if you use any non-bank app such as Paytm, MobiKwik or Flipkart for online payments.
He also shared an example to explain this,
You will make 750 Rs month if you’re an ICICI bank user and use the ICICI bank app (or the special BHIM App) to make UPI payments but in case you found the UX of MobiKwik ( or PhonePe or Google Tez or Whatsapp) better, you won’t get any cashback even though you end up using UPI and the same bank account.
he wrote in a statement given to Medium.com
Bipin felt that this is discriminatory as only government will take the benefit and startups which are working so hard to attract foreign investments in India and to improve the service of consumers will be ignored because of the discounts. He believes that govermnet is promoting bank apps at the cost of non-bank apps whereas both are promoting BHIM-UPI. He even requested PMO to take this into notice and take the right steps for the welfare of Digital India.
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