UPI Payment Charges: According to the Finance Ministry, the United Payment Interface (UPI) is a valuable digital utility for the public, and the government has no plans to charge for it. As a result of this ministry statement, the RBI has eased concerns regarding fees in the payments system raised in its discussion paper. The discussion paper makes the suggestion that fees could be applied to various UPI payment amount categories. There are no fees for UPI transactions as of right now.
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Finance Ministry clarified
In a tweet, the Finance Ministry stated that UPI is a helpful service for the public that offers tremendous convenience to the public and boosts economic production. The government has no plans to charge users for using UPI services. The concerns of the service providers will need to be addressed in other ways in order to recoup the costs.
The government is giving incentives
This information was also provided by Nirmala Sitharaman, to which Prime Minister Narendra Modi responded, “This is a superb accomplishment.” Indians will embrace modern technology and create a clean economy if they embrace modern technology as a whole. Digital payments were extremely helpful during the COVID-19 pandemic.
Let us inform you that UPI transactions are booming across the nation. People are using UPI more frequently than they are using money and credit cards. As a result, 6 billion UPI transactions were made in just a month of July. This information was provided directly by Prime Minister Narendra Modi. The Prime Minister praised UPI and noted that 6 billion transactions were completed through it in July, the most since 2016. In other words, UPI surpassed its previous record for the year 2016 in July and reached a new peak.