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Ministry of Finance said UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
Recently, RBI had released released a discussion paper seeking feedback on charges related to Unified Payments (UPI) Interface and credit cards among others.
Also Read: RBI seeks feedback regarding levying charges on UPI-based transactions
The clarification issued by Ministry of Finance says, “. 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 RBI (Reserve bank of India) while seeking the feedback on charges related to Unified Payments (UPI) Interface and credit cards among other said, “Charges for payment services should be reasonable and competitively determined for users while also providing an optimal revenue stream for the intermediaries”.
It is important to note that 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 Payments and promotion of payment platforms that are economical and user-friendly.
Tweet by Ministry of Finance in this regard:
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. (1/2)
— Ministry of Finance (@FinMinIndia) August 21, 2022
Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through email on or before October 3, 2022.
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