Competition Commission of India pitches for self-regulation of eCommerce platforms. All companies now must accept RuPay Debit Cards & UPI Payments to ensure compliance with relevant CBDT Guidelines. In an endeavor aimed at strengthening digital payments in India, the Ministry of Finance recently issued a Gazette notification, mandating companies with an annual turnover exceeding INR 50 crore to offer digital payments to its customers. The ministry has prescribed RuPay debit card, UPI, and UPI QR code as mandatory modes of payment for digital transactions, and will be levying a penalty of INR 5,000 per day for businesses that do not comply.
Indian Ecommerce industry is fastest growing in the world and UPI has saw an extensive growth of 190% in the total transaction volume, reaching over 10K million in 2019 from 3K million in 2018, according to data published by NPCI, which is also planning to adopt a blockchain-based system called Vajra to secure online payments.