The Finance Ministry states there are no intentions to impose fees on UPI transactions.

The Finance Ministry states there are no intentions to impose fees on UPI transactions.

The ministry tweets that alternative methods must be used to address the service providers’ concerns about cost recovery.

The Centre stated on Sunday that there are no intentions to charge users of the Unified Payments Interface (UPI) for using the service, despite the fact that it is a “digital public benefit with tremendous convenience.”

On Sunday, the Ministry of Finance stated that additional methods must be used to address service providers’ concerns about cost recovery.

“UPI is a digital public good that offers the public great convenience and boosts economic output. The government is not considering implementing any fees for UPI services. Other methods must be used to address the service providers’ concerns over cost recovery “Tweets from the ministry.

This comes after the reserve bank of india (rbi) asked stakeholders for input on the prospect of gradually charging users of the upi system based on various amount categories. The RBI published a discussion paper in an effort to standardise the pricing structure for various payment services or activities.

FAQ:-

1-Did  the government stated that it has financed the ecosystem for digital payments last year and has stated the same for the current budget year?

Ans – Yes

2- Are there any users who pay fees while using UPI?

Ans – neither user nor retailer pays the fees.

3- How much money did the government set aside for the promotion of digital payments?

Ans- ₹200 crore

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