A few days ago there were multiple reports claiming that the Indian government will impose charges on UPI transactions in a bid to help UPI platforms to recover heavy operational costs. But the Finance Ministry f India clarified that, the government does not plan on levying charges on UPI transactions. Government of India not considering any charges on UPI transactions. Ministry of Finance also added that the concerns for cost recovery of the UPI service providers would have to be met through other means. The ministry has said that the government will continue to support the digital payment ecosystem.
‘UPI is a digital public good with immense convenience for the public & productivity gains for the economy’ The Finance Minister said in tweet. The Tweet also says that the government had provided financial support for the ‘Digital Payment ecosystem’ last year and has announced the same this year as well to encourage further adoption of digital payments.
The Unified Payments Interface (UPI) is one of the biggest achievements of the Digital India initiative. UPI made payments easier and users were not charged anything to send and receive money and this is the reason that UPI is so successful in India. RBI has not issued any instructions regarding charges for UPI transactions. Government of India from January 1st, 2020 has mandated a zero-charge framework for UPI transactions. With this effect charges in UPI are zero for users and merchants alike.
UPI continuously growing in India and the importance of UPI you can understand when you look at the transaction recorded in July per day. In July 2022, India recorded total of 6.28 billion transactions and that is over 200 million UPI transactions per day. The total value of transaction Rs.10.62 lakh crore in July alone.
so the government must continue to keep UPI transactions free.
In addition, government also announced to allow credit cards to be linked to UPI. So that users can make payments with their credit cards by using UPI. Not only in India, UPI has become important in international travel. Indians can use UPI in foreign countries like UAE, France, Singapore, Bhutan and Nepal. Indian can use UPI to make their payments when they travel to these countries.
Humbly Request To All Visitors!
If you found above both downloading link expired or broken then please must inform admin.
