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Finance Ministry refuses to levy charges for UPI services

New Delhi: The Finance Ministry, in a tweet on Sunday, clarified that “it has no plans to levy charges for UPI services”. The Ministry also added “UPI is a digital public good with immense convenience for the public and productivity gains for the economy.”

Other methods must be used to address the service providers’ concerns over cost recovery.

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“The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly,” the ministry added.

Days after the Reserve Bank of India (RBI) asked for public input on UPI payments and charges, the Ministry of Finance provided a clarification. UPI should theoretically charge the same price as IMPS because, in accordance with the RBI, fund transfers done through UPI are identical to those made through IMPS (Instant Payment Service).

Since its launch in 2016, UPI has recorded over 6 billion transactions, and that number rose to over 6 billion in July.

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According to information provided by the platform’s operator, the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions totaling Rs 10.62 trillion.

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