UPI services to remain free, announces finance ministry
The number of digital transactions in July was the highest ever since 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI).
New Delhi: The Government of India won’t levy any charges on UPI (Unified Payments Interface) services.
After reports circulated online that there may be the possibility of UPI transactions carrying a service charge, the finance ministry on Sunday denied the news.
In a tweet, the finance ministry said that UPI would remain free.
“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,” the tweet read.
“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.
Earlier, Prime Minister Narendra Modi Prime Minister Narendra Modi had hailed the UPI transactions crossing 6 billion in July.
“This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic,” Modi had tweeted.
The number of digital transactions in July was the highest ever since 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI).