Tuesday, September 27, 2022

UPI Payment Fees: Modi Government Rules Out Any Fees for UPI Transactions

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UPI Payment Charges News Update – According to the Ministry of Finance, the government is not considering charging for UPI services. The Ministry stated that the UPI service providers’ concerns about cost recovery would have to be addressed through other ways. It further stated that UPI is a digital public benefit that provides enormous ease to the public while increasing economic output.

UPI is a digital public utility that provides enormous convivence to the public while also increasing economic output.” The government is not considering charging for UPI services. Service providers’ worries about cost recovery must be addressed in other ways. “The Government offered financial assistance for the #DigitalPayment ecosystem last year and has announced the same this year to promote further use of #DigitalPayments and promotion of payment systems that are inexpensive and user-friendly,” stated the Ministry of Finance in a series of tweets.

The clarification comes only days after the Reserve Bank of India (RBI) solicited public comment on UPI payments and charges.

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