No plan to impose charges on UPI payments: Finance Ministry
HY News
22 August, 2022 03:48 pm IST
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The Finance Ministry said United Payments Interface (UPI) is a digital public good and there is no consideration in the government to levy any charges on this.
This statement allays fear emanating from the RBI's discussion paper on charges in the payment system suggesting that UPI payments might be subject to a tiered charge based on various amount brackets. Currently, there are no charges levied on transactions done through UPI.
Further, the government has clarified that there is no plan to levy any charges for UPI services. In a series of tweets, Finance Ministry said, UPI is a digital public good with immense convenience for the public and productivity gains for the economy.
The Ministry said, the concerns of the service providers for cost recovery have to be met through other means.
The RBI discussion paper issued earlier this month said, UPI as a fund transfer system is like IMPS and therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions.
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