Monday, July 15, 2024
HomeFinanceUPI transaction will be free or will be charged, understand the intention...

UPI transaction will be free or will be charged, understand the intention of the government in these 10 points

The Government of India will not levy any charges on Unified Payments Interface (UPI) services. The Finance Ministry said in a tweet that UPI will be free. Currently, there are no charges on transactions done through UPI.

Surfshark Antivirus 480x320

The Government of India will not levy any charges on Unified Payments Interface (UPI) services. The Finance Ministry said in a tweet that UPI will be free. The ministry in its tweet said, “UPI is a public digital commodity of immense convenience to the public. The government has no idea to levy any charges for UPI services.”

1)The Finance Ministry on Sunday denied the news after an online report on service charges on UPI transactions was circulated.

booking dot com 1120 x 260

2)The RBI discussion paper released earlier this month suggested that UPI payments may be subject to a tiered fee based on different amount brackets.

3)The RBI discussion paper states, that UPI as a fund transfer system is like IMPS, hence the charges in UPI should be the same as the charges in IMPS for fund transfer transactions.

Surfshark Antivirus 480x320

4)Currently no charges are levied on transactions done through UPI.

5)Earlier, Prime Minister Narendra Modi had lauded the UPI transactions crossing 6 billion in July.

Read More: Is the New Alto K10 a Superior Small Entry-Level Car? S-Presso and Kwid Comparison

Nord VPN 730 x 90

6)The number of digital transactions in July was the highest since 2016.

7)According to the data released by the National Payments Corporation of India (NPCI), a total of 6.28 billion transactions took place through UPI, totaling ₹10.62 trillion.

8)The government provided financial support for the digital payment ecosystem last year and this year also announced to encourage the adoption of digital payments and promote payment platforms that are economical and user-friendly.

9) In India, RTGS and NEFT payment systems are owned and operated by RBI. Systems like IMPS, RuPay, UPI, etc., are owned and operated by the National Payments Corporation of India (NPCI).

Surfshark Antivirus 480x320

10)The government has made a zero-fee framework mandatory for UPI transactions with effect from January 1, 2020. This means that charges in UPI are zero for users and merchants alike.

Read More: ‘Nisha Guragain ‘ was seen doing intimate scenes again, and went viral on social media, See Full Video

Read More: Anjali Arora was upset about MMS, so she said abusive things in public.

Surfshark Antivirus 480x320
RELATED ARTICLES

Most Popular

spot_img
DMCA.com Protection Status