No charges will be levied on UPI services - Finance Ministry
The Finance Ministry on August 21 said that the United Payments Interface (UPI) is a useful digital service for the people and the government does not intend to levy any charges on it.
IMPORTANT FACTS -
- This statement of the Finance Ministry allays the apprehensions arising out of the discussion paper of the Reserve Bank of India (RBI) on charges in the UPI payment system.
The discussion paper suggests that UPI payments may be charged with different amount categories.
In this paper, there was talk of levying a special charge (Merchant Discount Rate) on UPI transactions.
This charge depends on the amount transferred.
Currently, there are no charges for transactions through UPI.
About UPI :
Unified Payments Interface (UPI) is a single platform that integrates various banking services and facilities under one umbrella.
It is developed by National Payments Corporation of India (NPCI).
The names of the top UPI apps currently are – PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.
NPCI launched UPI in 2016 with 21 member banks.
For more update please visit news of 2 August.
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