Will Indian Government Charge For Payments Through The UPI Channel, Details Here
Will Indian Government Charge For Payments Through The UPI Channel: The finance ministry on Sunday said the government is not planning to charge for payments through the unified payments interface (UPI) channel, putting to rest speculation following a recent Reserve Bank of India (RBI) discussion paper on digital payment charges.
In a tweet on Sunday evening, the Finance Ministry said: “UPI is a digital public good with immense convenience for the public and productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means.
Is there any charges for UPI in India?
Currently, no cost is incurred by users or merchants in the case of payments made through UPI.
What is UPI:
Unified Payments Interface is an instant real-time payment system developed by National Payments Corporation of India. The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. UPI is an open source application programming interface that runs on top of Immediate Payment Service.
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