Reportedly from january 2020, and customers may not have to pay any charges for transactions done through the popular National Electronic Funds Transfer (NEFT) system. Meanwhile a proposal in this regard has been mooted by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) to give impetus to wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions on the third anniversary of demonetization.
As per report the central bank has also proposed that FASTags would be enabled to pay for parking fee and even at fuel stations and perhaps digital payments constituted a high 96 per cent of total non-cash retail payments during the october, 2018 to september, 2019. Furthermore during the same period, the NEFT and Unified Payments Interface (UPI) systems handled 252 crore and 874 crore transactions with year on year growth of 20 per cent and 263 per cent, respectively.
Moreover it also plans to operationalise the 'Acceptance Development Fund' to increase acceptance infrastructure with from january 1, 2020. Apparently a committee would also be set up to assess the need for plurality of QR codes and merits of their co-existence or convergence from both systemic and consumer viewpoints. Perhaps the central bank has plans to permit all authorized payment systems and instruments (non-bank PPIs, cards and UPI) for linking with National Electronic Toll Collection (NETC) FASTags.
