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In a significant move that could potentially benefit scores of students, the University Grants Commission (UGC) has directed Higher Educational Institutions (HEIs) to introduce Unified Payments Interface (UPI) and QR payment systems for transactions, both online and offline channels.
It is relevant to note here that the Government of India is intent on developing a digitally empowered society and knowledge economy, and digital payments are an integral part of it. This vision facilitates a less-cash and more inclusive economy, empowering citizens in their financial choices, read a UGC letter.
As seen, Unified Payments Interface (UPI) has revolutionized the financial system by allowing quick and safe transfers of money, giving comfort to crores of people.
Its convergence with QR code and mobile app has quickened and eased transactions.
How UPI Will Come To Rescue Of Students?
The UPI has made payment procedures for educational services easier so that students in rural regions can conveniently pay for college, university, and examination fees.
With education going increasingly online—providing courses, certifications, and study material—the necessity of UPI as a payment method has become imperative.
Considering its increasing popularity, the UPI transaction limit for educational services has been raised to Rs. 5 lakhs.
In this backdrop, Higher Education Institutions (HEIs) were asked to make arrangements for UPI and UPI QR payment facilities in place for transactions within their campuses, both online and offline.
Technical support, in case of any such requirement, can be sought by HEls from the nodal official of the National Payments Corporation of India (NPCI) for implementing necessary instructions, the UGC letter noted.
