This is an interesting topic and I share my opinion about it. View the original post written by me on Quora.com.
In India companies like Visa and MasterCard making Huge profit with transaction settlement. you may have come to a situation when using Visa/MasterCard shopkeeper demanded for some extra charge. which is transaction settlement charge that shopper keeper does not want to pay from his pocket. Visa and master card earning crore of Rs. in India with transaction settlement.
To remove the dependency of transaction on companies like Visa and MasterCard, current India Government and National payment Corporation of India designed UPI based transaction which ultimately result no involvement of companies like Visa and MasterCard.Phone Wallet based transaction is fast and works with UPI ID, No need to pay any charge for transaction.
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