Unified Payments Interface, or UPI, has made transferring money easy and instant for everyone with a connected device. The system is now clocking nearly six billion transactions every month. To provide more convenience to consumers, RBI has allowed the linking of RuPay credit cards with UPI, which is expected to be complete in the next two months. But UPI transactions on credit cards will also carry a merchant fee. Will UPI on credit cards take off? Or the merchant fee will spoil the party?
While the merchant fee on UPI credit card transaction may attract resistance from certain merchants, the move will lead to greater use of such cards for small ticket transactions.
The World Health Organization, meanwhile, has declared Monkeypox as an international public health emergency. The outbreak has started spreading across the globe rapidly. The WHO alarm indicates a public health risk which requires a coordinated response. The last time the global health body sounded such an alarm was when coronavirus hit the world. So, should India be worried about the Monkeypox threat?
Coming to the markets, Bajaj Auto’s Q1 result was lukewarm as the company reported low-double digit growth in profit over last year. Its revenue expanded in single digit. However, the highlight of the commentary was easing semi-conductor shortages and improved production levels.
In our next report, we take a deep dive into the world of autos, interpret Bajaj Auto’s Q1 performance and what analysts expect from Maruti Suzuki and Tata Motors when they announce their respective results for the June quarter today.
The government is likely to introduce the Development of Enterprise and Service Hubs (DESH) Bill in the upcoming monsoon session of Parliament. The legislation seeks to overhaul the existing ecosystem special economic zones that will be compliant to World Trade Organization. Find out more in our next episode of the podcast.