The Finance Ministry on Sunday stated United Payments Interface
(UPI) is a digital public good and there’s no consideration within the
authorities to levy any prices on this.
This assertion allays worry emanating from the RBI’s dialogue
paper on prices within the fee system suggesting that UPI funds
could be topic to a tiered cost primarily based on varied quantity
brackets.
Currently, there are not any prices levied on transactions achieved
by UPI.
“UPI is a digital public good with immense comfort for the
public & productiveness positive factors for the economic system. There isn’t any
consideration in Govt to levy any prices for UPI providers. The
considerations of the service suppliers for price restoration must be met
by different means,” the Finance Ministry stated in a tweet.
The RBI dialogue paper issued earlier this month stated, UPI as
a fund switch system is like IMPS and subsequently, it might be
argued that the fees in UPI must be much like prices 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 are economical and user-friendly,” one other
tweet stated.
The authorities has mandated a zero-charge framework for UPI
transactions with impact from January 1, 2020. This signifies that
prices in UPI are nil for customers and retailers alike. PTI DP MR
MR
