look news india
New Delhi. A new controversy has arisen regarding digital transactions in the major wholesale and retail markets of the capital Delhi – Chandni Chowk, Sadar Bazaar, Karol Bagh, Connaught Place and Lajpat Nagar. Businessmen, who were once the biggest supporters of cashless economy and Digital India, are now extremely unhappy with the functioning of Unified Payments Interface (UPI) and online payment platforms. To express this displeasure, the apex body of traders, Chamber of Trade and Industry (CTI) and other major business organizations have called for celebrating ‘Cash Day’ in the markets of Delhi on the occasion of Gandhi Jayanti on October 2. Merchants have appealed to common customers on this day to pay only in cash notes instead of scanning the QR code online.
Traders say that this step is not against the digital revolution, but a symbolic protest to draw the attention of fintech companies, banks and the government towards the serious technical and financial shortcomings due to which shopkeepers are facing huge financial losses in their everyday business.
According to traders, transacting through UPI at the ground level is now becoming a cause of financial risk and mental trouble instead of convenience. Following are the main reasons for resentment:
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Growing web of fake screenshots and ‘fake payments’: Many cunning customers, after taking the goods from the shop, show the payment message on their mobile using edited fake payment screenshot or fake payment app. During rush hour, shopkeepers give away goods without checking the account balance, due to which they have to suffer direct losses.
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Sudden freezing of bank accounts (Cyber Crime Freeze): The biggest concern of the traders is that if any cyber fraudster or suspicious person makes a payment of just ₹ 100 or ₹ 500 on the QR code of the shop, then the police and cyber cell track the entire transaction chain and seal or freeze the entire current account of the innocent shopkeeper. Due to account closure, regular business and check payments worth lakhs of rupees of shopkeepers get stuck.
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Additional charges on current account by banks: Most banks have started levying hidden charges and processing fees if UPI transactions exceed a certain limit in current accounts. Apart from this, due to bank servers being down, transactions get stuck in the middle (Transaction Pending) and the money goes on hold for 24 to 48 hours.
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Heavy monthly rental of Soundbox: Digital payment companies are charging a fee of ₹ 125 to ₹ 150 per month in the name of soundbox provided for payment alerts, which has become an unnecessary burden for small shopkeepers.
Chamber of Trade and Industry (CTI) President Brijesh Goyal and representatives of various market associations of Delhi held a joint meeting and set clear guidelines for October 2:
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Celebrate the day as ‘Cash Day’: On the occasion of the birth anniversary of Father of the Nation Mahatma Gandhi on October 2, all traders will symbolically accept only cash payments at their shops and will also appeal to the customers for cooperation in cash transactions.
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Posters will be put up at shops: For awareness, posters will be put up in the markets of Delhi on which it will be written –“Pay in cash today to avoid digital fraud and bank charges.”
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Gandhian symbolic protest: Business leaders say that on the same lines as Gandhiji had given the message of Swadeshi and self-reliance, the businessmen will do this one-day non-violent and symbolic Satyagraha for their safety and rights. Its purpose is not to harass customers, but to open the eyes of regulatory bodies.
Trader organizations have sent memorandums to the Reserve Bank of India (RBI), Finance Ministry and National Payments Corporation of India (NPCI) seeking immediate intervention:
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Relaxation in rules for freezing account: In case of any suspicious transaction, only the disputed amount should be held and not the entire current account of the merchant should be sealed without notice.
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Stringent Cyber Security Standards and Quick Solutions: Real-time voice authentication and security features should be strengthened to prevent fake payment apps and screenshot fraud.
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End of UPI charge on current account: All types of hidden charges imposed by banks on the current accounts of small and medium traders should be withdrawn immediately.
This ‘Cash Day’ campaign to be organized in the markets of Delhi on October 2 seems to be becoming a big national issue regarding improving the infrastructure of Digital India and safety of traders.