The Finance Ministry on Sunday said that UPI would remain free and that the government is not considering levying any charges on it. It was rumored earlier that the Modi-led union government would introduce a rule charging users for UPI transactions.
The Government is not considering any charges on UPI services, the Ministry of Finance today clarified.
UPI service providers’ concerns about cost recovery will have to be addressed by other means, said the Ministry.
In addition, UPI was described as a digital public good and a means of increasing productivity for the economy and extending the convenience of the public.
“UPI is a digital public good with immense convenience for the public & 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.” said the Ministry of Finance in a tweet on Sunday
“The Govt had provided financial support for digital payment ecosystem last year and has announced the same this year as well to encourage further adoption of digital payment and promotion of payment platforms that are economical and user-friendly.” the Ministry added.
Prime Minister Narendra Modi had earlier hailed the achievement of Unified Payments Interface (UPI) transactions crossing 6 billion in July — the highest ever since its launch six years back. This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner.
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