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 prices on this.
This assertion allays concern emanating from the RBI’s dialogue
paper on prices within the fee system suggesting that UPI funds
is likely to be topic to a tiered cost based mostly on numerous quantity
brackets.
At the moment, there aren’t any prices levied on transactions performed
by means of UPI.
“UPI is a digital public good with immense comfort for the
public & productiveness good points for the financial system. There isn’t any
consideration in Govt to levy any prices for UPI companies. The
considerations of the service suppliers for price restoration should be met
by means of 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 may very well be
argued that the costs in UPI should 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 nicely 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
prices in UPI are nil for customers and retailers alike. PTI DP MR
MR
