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21 August 2024 at 10:20:16 am

Fee Signal

The government’s decision to create a legal framework for levying charges on UPI transactions has understandably triggered concern, even though it insists that ordinary users and small merchants will continue to enjoy free payments. The proposed amendment does not impose a fee on UPI today. But it removes the statutory barrier to one being imposed in the future, making the government’s reassurance less than the final word. The government argues that this is a measure for UPI’s long-term...

Fee Signal

The government’s decision to create a legal framework for levying charges on UPI transactions has understandably triggered concern, even though it insists that ordinary users and small merchants will continue to enjoy free payments. The proposed amendment does not impose a fee on UPI today. But it removes the statutory barrier to one being imposed in the future, making the government’s reassurance less than the final word. The government argues that this is a measure for UPI’s long-term sustainability. The world’s largest real-time payments system, which processed 2,366 crore transactions worth Rs. 29.9 lakh crore in July alone, cannot indefinitely depend on subsidies as transaction volumes, cybersecurity requirements and infrastructure costs rise. A nominal Merchant Discount Rate on larger merchant transactions, it says, would help create a more sustainable ecosystem without burdening ordinary users. That argument has merit. But so does the concern that a payment system which became a national habit precisely because it was cheap and frictionless should not slowly acquire a price tag. Once the legal machinery for charging exists, there is no guarantee that the boundary between large merchants and small ones, or between merchants and consumers, will remain permanently fixed. The Finance Minister has clarified that any Merchant Discount Rate will apply only to a limited set of merchant transactions above a threshold and will be nominal, well below card-payment rates. The details will eventually be decided by the UPI and Services Steering Committee headed by the National Payments Corporation of India. In other words, there is no charge on the table for the ordinary UPI user today. But there is now a legal mechanism for charges to be introduced tomorrow. That is precisely why any alarm, though exaggerated, cannot simply be dismissed. The government, through its clarification, has reassured that UPI’s free-to-consumer model remains intact. The important issue is whether its financing model can evolve without undermining the habits that made it revolutionary. UPI succeeded partly because it made digital payments cheaper and simpler than alternatives. There is also a larger principle at stake. UPI is not merely another commercial payments platform. It is the product of public investment, regulatory architecture and private innovation. The state should therefore be wary of treating its sustainability as an ordinary market problem. The sensible answer lies between free-for-all subsidies and indiscriminate fees: transparent thresholds, genuinely low MDRs, strong protection for small merchants and an absolute firewall around ordinary consumers. The government should publish the economic case for any future charge, including its effect on merchants and consumers. UPI was built on trust as much as technology. The government is right to protect its remarkable achievement. It should remember that keeping UPI free is not merely a political promise. It is part of the product.

A Legacy Beyond the Trophy

Cristiano Ronaldo’s relationship with the FIFA World Cup is one of football’s most compelling stories—a tale of extraordinary achievement, relentless ambition, and an unfulfilled dream. While his glittering career is decorated with league titles, UEFA Champions League triumphs, European Championship glory, and countless individual awards, the FIFA World Cup remained the one prize that always seemed just beyond his reach. Yet, it is perhaps this very incompleteness that makes Ronaldo’s World Cup journey so profoundly inspirational.


Ronaldo made his FIFA World Cup debut in Germany in 2006 as a fearless 21-year-old bursting with talent. Portugal reached the semi-finals, their best finish in decades, and the young winger announced himself on the biggest stage. Although Portugal fell short against France and later lost the third-place playoff, Ronaldo’s performances hinted that he would become one of football’s defining figures.


Over the next sixteen years, Ronaldo represented Portugal in five World Cups—2006, 2010, 2014, 2018, and 2022. In doing so, he became one of the few players in history to feature in five editions of the tournament. Even more remarkably, he became the first male footballer to score in five different FIFA World Cups, a feat that underlined his remarkable longevity, consistency, and ability to adapt across generations of football.


His World Cup statistics are impressive. Ronaldo scored eight goals across his World Cup appearances, including memorable strikes against Iran, Spain, Ghana, and Morocco. His stunning hat-trick against Spain in the 2018 FIFA World Cup remains one of the tournament’s greatest individual performances. Facing a Spanish side filled with world-class talent, Ronaldo almost single-handedly rescued Portugal with a dramatic late free-kick that completed his hat-trick and secured a thrilling 3-3 draw. It was a reminder that the brightest lights often brought out the very best in him.


Beyond the numbers, Ronaldo carried the hopes of an entire nation. Portugal is a football-loving country, but unlike traditional powerhouses such as Brazil, Germany, or Argentina, it has historically possessed a smaller talent pool. For nearly two decades, Ronaldo shouldered immense expectations every time Portugal stepped onto the World Cup stage. His leadership, professionalism, and unmatched work ethic inspired teammates and millions of supporters around the world.


Yet, every great career also has its disappointments. Despite his brilliance, Ronaldo never managed to lift the FIFA World Cup trophy. Portugal were eliminated in the Round of 16 in 2010, exited in the group stage in 2014, reached only the Round of 16 in 2018, and suffered a heartbreaking quarter-final defeat to Morocco in 2022. The 2022 tournament was especially emotional. Having started the competition as captain, Ronaldo found himself on the bench during the knockout rounds as Portugal’s manager opted for tactical changes. When Morocco defeated Portugal 1-0, television cameras captured Ronaldo leaving the field in tears—an image that symbolized the end of what was almost certainly his final World Cup campaign.


Team Sport

Many critics view the absence of a World Cup title as the one missing chapter in Ronaldo’s otherwise extraordinary career. Comparisons with football legends often revolve around this omission. However, greatness cannot always be measured solely by trophies. Football is the ultimate team sport, where individual brilliance alone cannot guarantee ultimate success. Some of the game’s finest players—including Johan Cruyff, George Best, Paolo Maldini, and Ferenc Puskás—also retired without winning a FIFA World Cup.


Ronaldo’s greatest achievement may not be the medals he collected but the standards he established. He transformed himself through relentless discipline, physical conditioning, and an unwavering belief that improvement never stops. From a gifted teenager in Madeira to one of football’s most prolific goal scorers, his journey is proof that talent flourishes only when matched by dedication.


His World Cup career teaches an equally valuable lesson. Success is not always about reaching the final destination; it is about the courage to continue chasing the dream despite setbacks. Every tournament brought fresh hope. Every defeat became motivation to return stronger. Even in his late thirties, Ronaldo remained committed to representing Portugal with pride, refusing to let age define his ambitions. For young athletes, Ronaldo’s story offers an enduring message. There will always be goals that remain unfulfilled, obstacles that seem unfair, and moments of heartbreak that test one’s resolve. What matters is not whether every dream comes true, but whether one continues striving with passion, integrity, and resilience.


(The writer is a senior journalist based in Mumbai. Views personal.)

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