{"id":12556,"date":"2020-01-29T15:26:45","date_gmt":"2020-01-29T09:56:45","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=12556"},"modified":"2021-06-05T21:16:33","modified_gmt":"2021-06-05T15:46:33","slug":"online-payments-mandatory-for-businesses","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/online-payments-mandatory-for-businesses\/","title":{"rendered":"UPI, RuPay Mandatory for Businesses With Turnover of \u20b950 Crore"},"content":{"rendered":"<p class=\"p3\">From February 1, 2020, online payments with UPI, RuPay are mandatory for all businesses with an annual turnover of\u00a0<span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u20b9<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">50 crores or more. Failing to do so can attract a fine of\u00a0\u20b95000 per day!<\/span><\/p>\n<p class=\"p3\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">In a bid to promote online payments and bring in transparency, the government has urged businesses to include the following <strong>payment modes for customers:<\/strong><\/span><\/p>\n<ul>\n<li class=\"p3\">BHIM UPI &#8211; Unified Payments Interface<\/li>\n<li class=\"p3\">RuPay Card<\/li>\n<li class=\"p3\">UPI QR Codes<\/li>\n<li class=\"p3\">Aadhar Pay<\/li>\n<\/ul>\n<p class=\"p3\">According to a news update by Business Today, Finance Minister Nirmala Sitharaman also proposed to insert a new section into the Income Tax Act (269SU). Under this, businesses have to <strong>pay a fine of\u00a0<span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">\u20b9<\/span>5000 per day<\/strong> &#8211; if they do not adopt the recommended online payment modes.<\/p>\n<h3 class=\"p3\">Why should your business adopt online payments?<\/h3>\n<p class=\"p3\">The Central Board of Direct Taxes stated that making online payments mandatory, a move announced in December, aimed at giving businesses time to install and operationalise online payments\/electronic payments. <strong>As for the bigger picture, the Government hopes this move will promote a cashless economy in India. The Government also wants to promote the use of RuPay card among merchants in India.\u00a0<\/strong><\/p>\n<p class=\"p3\">But besides that, this is how moving to online payments can benefit your business &#8211;<\/p>\n<p class=\"p3\">According to a KPMG report, the number of merchants adopting <a href=\"https:\/\/www.instamojo.com\/blog\/digital-payments-in-india-growing-annually-kpmg-report\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=digital_payment\" target=\"_blank\" rel=\"noopener\">digital payments in India<\/a> increased to over 10 million in a short span of 2 years.<\/p>\n<p class=\"p3\">Incorporating online payments helps your business receive payments instantly, and it is guaranteed. All you need is to choose a <a href=\"https:\/\/www.instamojo.com\/payment-gateway?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=payment_gateway\" target=\"_blank\" rel=\"noopener\">trusted payment gateway<\/a> with low transaction charges to facilitate these payments.<\/p>\n<h2 class=\"p3\"><strong>Using UPI and RuPay Card for Online Payments:<\/strong><\/h2>\n<h3 class=\"p3\"><strong>UPI:<\/strong><\/h3>\n<p class=\"p3\">The most popular mode of payment in 2019 was UPI.<span class=\"Apple-converted-space\">\u00a0 <\/span><strong>By the end of 2019, UPI crossed 10 billion transactions. December 2019 alone accounted for 12% of all transactions made on UPI.<\/strong><\/p>\n<p class=\"p3\"><a href=\"https:\/\/www.instamojo.com\/blog\/small-business-expectations-from-upi-infographic\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=upi\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">Small businesses have adopted UPI<\/span><\/a> <strong>(Unified Payments Interface)<\/strong>\u00a0is faster than other modes of payments. There were 30 million UPI transactions just within a year of its launch!<\/p>\n<p class=\"p3\">If your business is looking to start facilitating electronic payments, go for a cheap payment mode like UPI.<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-10621 size-large\" title=\"UPI 2.0\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-1024x576.png\" alt=\"UPI 2.0\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-1024x576.png 1024w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-300x169.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-768x432.png 768w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-380x214.png 380w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-800x450.png 800w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4-1160x653.png 1160w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2019\/08\/Small-Businesses-Expectations-from-UPI-Infographic-4.png 1367w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3 class=\"p3\"><strong>RuPay:<\/strong><\/h3>\n<p class=\"p3\"><span class=\"s1\">RuPay\u00a0<\/span>\u2013 a combination of Rupee and Payment\u00a0is an Indian version of credit\/debit card. It is very similar to international cards such as Visa\/Master.<\/p>\n<p class=\"p3\">RuPay has changed the way India sees digital transactions. More than <strong>600 million people<\/strong> hold <a href=\"https:\/\/www.instamojo.com\/blog\/indias-rupay-biggest-market-player-facts\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=rupay_card\" target=\"_blank\" rel=\"noopener\">RuPay cards<\/a> today. Plus, you can use RuPay for international payments too.<\/p>\n<p class=\"p3\"><em><strong>With RuPay Cards, you get:<\/strong><\/em><\/p>\n<p class=\"p3\"><b>Lowered processing fees:\u00a0<\/b>Transaction fees lesser than Visa and Mastercard, and you can also use the card across the globe!<\/p>\n<p class=\"p3\"><b>Acceptability:\u00a0<\/b>These cards are accepted at over 1.45 lakh ATMs, 26.14 lakh POS terminals and e-commerce websites in India.<\/p>\n<p class=\"p3\"><b>Safe &amp; Secure:\u00a0<\/b>These cards are likely to be more secure as they come with EMV (Europay Mastercard Visa) chips. This reduces the risk of fraud drastically.<\/p>\n<h3 class=\"p3\"><strong>Instamojo &#8211; for fastest integration and easy online payment collection<\/strong><\/h3>\n<p class=\"p3\"><strong>Instamojo facilitates UPI and RuPay payments for all businesses.<\/strong> Among these, Instamojo also allows all online payment modes, from e-wallets to debit\/credit cards and more.<\/p>\n<p><b>Take a look at all the options available at competitive prices for your business.<\/b><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-12577 size-full\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2020\/01\/UPI-RuPay-Mandatory-for-Businesses-With-Turnover-of-Rs.50-CR.png\" alt=\"UPI and RuPay payments for all businesses\" width=\"646\" height=\"677\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2020\/01\/UPI-RuPay-Mandatory-for-Businesses-With-Turnover-of-Rs.50-CR.png 646w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2020\/01\/UPI-RuPay-Mandatory-for-Businesses-With-Turnover-of-Rs.50-CR-286x300.png 286w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2020\/01\/UPI-RuPay-Mandatory-for-Businesses-With-Turnover-of-Rs.50-CR-380x398.png 380w\" sizes=\"(max-width: 646px) 100vw, 646px\" \/><\/p>\n<p class=\"p3\"><strong><br \/>\nWith Instamojo online payment gateway, you get:<\/strong><\/p>\n<ol class=\"ol1\">\n<li class=\"li3\"><strong>ZERO maintenance fee and ZERO setup costs<\/strong><\/li>\n<li class=\"li3\">Pay only on a successful transaction. No prior commitments or payments required.<\/li>\n<li class=\"li3\">Get started instantly with online payments.<\/li>\n<\/ol>\n<h5 class=\"p3\">Security for online transactions:<\/h5>\n<p class=\"p3\">Instamojo servers are encrypted by the 128 bit AES(Advanced Encryption Standard) Encryption. Instamojo is PCI-DSS compliant.<\/p>\n<h5 class=\"p3\">All Online Payment modes:<\/h5>\n<p class=\"p3\">Instamojo enables all online payment modes for your business \u2013 net banking, UPI, debit\/credit cards, digital wallets like Paytm and NEFT, RTGS and IMPS transactions too. This way, customers can pay using any mode they are comfortable with.<\/p>\n<h5 class=\"p3\">Faster Payouts:<\/h5>\n<p class=\"p3\">Besides the default payout period, Instamojo offers\u00a0<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/accounts\/login\/?next=%2Ffaster-payouts\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">faster payout<\/span><\/a><\/span>\u00a0options:\u00a0Instant Payouts, Same Day Payouts and Next Day Payouts. For a varying additional fee on each payout, you can receive money faster into your bank account.<\/p>\n<h5 class=\"p3\">Convenience Fee:<\/h5>\n<p class=\"p3\">Instamojo <a href=\"https:\/\/www.instamojo.com\/features\/convenience-fee\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=convenience_fee\" target=\"_blank\" rel=\"noopener\">zero convenience fee<\/a>\u00a0allows you to charge customers an\u00a0<b>additional 2%+Rs.3<\/b>\u00a0on a transaction, so you do not\u00a0<b>pay any fee<\/b>. With this feature, you get exactly what you charge, in your bank account.<\/p>\n<h5 class=\"p3\">Pay Button:<\/h5>\n<p class=\"p3\">You need not be a developer to know how Instamojo\u2019s pay button works. If your travel website uses Pay buttons, you can create one on Instamojo. The<span style=\"color: #0000ff;\">\u00a0<a href=\"https:\/\/www.instamojo.com\/embed-pay-button?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=embed_pay_button\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\">Instamojo embed button<\/span><\/a><\/span>\u00a0allows you to simply copy\/paste the HTML code to your site and add a pay button to collect payments easily.<\/p>\n<div class=\"cs-embed cs-embed-responsive\"><iframe loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/CQIGQ40MkVU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<h4 class=\"p3\"><strong>Sign up on Instamojo in 2 minutes and avoid paying 5,000 fine. Quick, the deadline is in 1 day!<\/strong><\/h4>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/online-payments\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=online_payments\">COLLECT PAYMENTS ONLINE ON INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"From February 1, 2020, online payments with UPI, RuPay are mandatory for all businesses with an annual turnover&hellip;\n","protected":false},"author":6,"featured_media":12565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[2750,2024,2007,2872,1580,877,2008,29,2727,155,1855,2125,156],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Online Payments Mandatory for Businesses With 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