UPI Payment Charges: The central government has made the situation clear regarding the imposition of charges on payment from UPI. The Ministry of Finance said that there is no plan from the central government to levy charges on payments through UPI.
UPI Payment Charges: Reserve Bank of India (RBI) may levy charges on payments made through UPI. Such news was in the news for the last few days. Meanwhile, the Union Finance Ministry has given relief information. In a statement issued by the Ministry of Finance, it has been said that the government is not considering levying any kind of charge on UPI payment service.
Finance Ministry tweeted information
The Finance Ministry tweeted that UPI is such a digital platform which is very convenient for the public. It has a major contribution to the economy. The government is not considering imposing any kind of charge on the UPI payment service. Other options will be considered for cost recovery for service providers. To strengthen the Digital Payment Eco System, the government had announced financial assistance last year. This help will continue this year as well. So that the use of digital payment can be increased and easy to use and cheap payment option can be promoted for the people.
Transferring money through UPI can be expensive, RBI prepares
UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)
— Ministry of Finance (@FinMinIndia) August 21, 2022
RBI had sought suggestions for levying charges on UPI payments
With the increasing use of UPI in the country, the Reserve Bank had released a review paper on payment system charges. There was talk of levying charge on UPI payment. RBI had said that UPI is also a fund transfer system like IMPS. Therefore, it can be argued that for UPI also charges should be levied on fund transfer transactions like IMPS. The Reserve Bank has said that different charges may be prescribed for different amounts.
People are using UPI a lot
According to the data released by NPCI, the number of people using UPI payment is increasing every month in the country. Statistics show that a total of 600 crore transactions have been done in the country only in the month of July. A total amount of Rs 10.2 lakh crore has been transacted in this. The rate of people using UPI in the country has increased by more than 7 percent.
