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The Finance Ministry on Sunday stated United Funds Interface (UPI) is a digital public good and there’s no consideration within the authorities to levy any fees on this.
This assertion allays concern emanating from the RBI’s dialogue paper on fees within the fee system suggesting that UPI funds is perhaps topic to a tiered cost based mostly on numerous quantity brackets.
At present, there aren’t any fees levied on transactions performed by means of UPI.
“UPI is a digital public good with immense comfort for the general public & productiveness positive factors for the financial system. There is no such thing as a consideration in Govt to levy any fees for UPI providers. The issues of the service suppliers for value restoration need to be met by means of different means,” the Finance Ministry stated in a tweet.
UPI is a digital public good with immense comfort for the general public & productiveness positive factors for the financial system. There is no such thing as a consideration in Govt to levy any fees for UPI providers. The issues of the service suppliers for value restoration need to be met by means of different means. (1/2)
— Ministry of Finance (@FinMinIndia) August 21, 2022
The RBI dialogue paper issued earlier this month stated, UPI as a fund switch system is like IMPS and due to this fact, it might be argued that the costs in UPI must be just like fees in IMPS for fund switch transactions.
“The Govt had supplied monetary assist for #DigitalPayment ecosystem final 12 months and has introduced the identical this 12 months as properly to encourage additional adoption of #DigitalPayments and promotion of fee platforms which can be economical and user-friendly,” one other tweet stated.
The federal government has mandated a zero-charge framework for UPI transactions with impact from January 1, 2020. Because of this fees in UPI are nil for customers and retailers alike.
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