Abhishek012
TF Pioneer
Just go to twitter and search "RuPay card ajay" and you will got why mastercard is anti India.
Anyways, i already talk about lot why mastercard is anti-India here on technofino. we will discuss this topic some other time.
Lets talk about UPI fraud -
UPI is one of the safest payment system in the world. If you have heard any UPI fraud then it has been the fault of the customers. Banks always told dnt share otp, password, UPI PIN and you dnt need UPI PIN for receiving payment through UPI.
Fraud also happen on card transactions and now a days If there is any fraud in India then people link it to UPI. I have read many such reports where fraudsters have withdrawn 10 to 12 lakh rupees from UPI in 2 to 3 days.
But do you know max UPI limit is 1 to 2 lakhs per day, how fraudster withdraw 10 to 12 lakhs within 3 days ?
Answer is - These are card transaction or net banking/IMPS/NEFT frauds.
UPI chargeback and fraud protection -
First let me tell you, UPI also have same type of fraud protection you already have on cards.
The main problem is that many banks and customers are not aware of this UPI chargeback facility and fraud protection but now UPI UDIR system launched. Banks now easily track UPI transactions. Banks, NPCI and 3rd party UPI apps now also allowed to register for UPI chargeback.
Many customers have already applied for UPI chargeback and got refund.
Some customers mistakenly accepted the UPI request from the fraudster and they also receive the refund after UPI chargeback applied but any fraud transaction refund will take some time.
Here an interesting story you can read, shared by one person on Desidime -
Recently paid a person 1000 rs via UPI.
But the person denied providing the service.
Raised chargeback from idfc netbanking itself, no call, no email.
Today the person contacted me and said his bank has given him two options.
Either pay directly and tell me to withdraw the case or let the bank transfer back the amount.
All this within 3 days of registering complaint.
Source - https://www.desidime.com/discussions/positive-experience-with-idfc-first
UPI fraud protection also comes with same guidelines you already have on RuPay credit card or any other credit card -
MDR charges on UPI -
3 important things you should know before starting -
UPI have 2 types of network -
one is "Debit UPI" network, which is linked with our saving/salary/pension account and
2nd is "Credit UPI" network (which is still developing) and linked with our Credit card.
3rd thing is that do you know how much Paytm, phonepe etc earn from MDR on UPI transactions ? its 0.02% only.
Yes, you heard right.
Here one Techofino member already asked "Why do applications give cashback on UPI and encourage UPI transactions through their app
", i already answered here, what's the reason - https://www.technofino.in/community...ansactions-through-their-app.7554/post-120394
Now, "Debit UPI" network has currently zero MDR, which is 100% true but govt paid this MDR fees through subsidy, NPCI/banks distributed this subsidy amount with other UPI apps and gateway companies.
"Credit UPI" network - "Credit UPI" is still developing but Credit UPI charge 1.5% to 3% MDR from merchant (depend on merchant categories) for any payment above Rs2001. Already razorpay, innoviti pos and few others gateway companies start charging MDR for Credit UPI payment acceptance (ofcouse, merchants always have an option to enabled or disabled for credit card link UPI).
Note - Payment under Rs2000 through Credit UPI is zero MDR for small merchants and already NPCI told RuPay credit card UPI to succeed if small transactions under 10% only.
Dnt forget zero MDR under 2k transaction is only for small merchants. it means if we pay Rs100 or Rs500 on Amazon or Reliance retail stores through credit card link UPI then MDR charges also applied.
@Manu624 @iNokia hope i clear everything and I could give more examples where people have received refunds for fraud UPI payments but I have fever today. Itni energy nahi hai bhai. Ek ek chiz details me batau sources add karu.
My personal opinion to all. Stop thinking and start searching. Whenever someone says something, try to verify it by searching it yourself. I can give the source of everything I say.
Before i go, let me tell you guys one more think, Many people have a misconception that banks earn from MDR, which is true but issuer bank got only 60% of the MDR fees, which is 1% to 1.2% only (many TSP companies also work with issue banks for credit card transactions, they also get few bucks from issue banks) and we already got more than 1% to 5% cashbacks on credit card spend. Trust me currently banks have to face loss on every credit card transactions then how credit card issuing banks earn money? You guys tell by commenting.
@SiddharthR @Life_style @jack333 @akshayhs
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