New Delhi: The Finance Ministry on Sunday said United Payments Interface (UPI) is a computerized public good and there is no consideration in the government to require any charges on this. This assertion relieves fear exuding from the RBI’s conversation paper on charges in the payment system recommending that UPI payments may be dependent upon a tiered charge based on various amount sections.
At present, there are no charges exacted on exchanges done through UPI.
“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,” the Finance Ministry said in a tweet.
The RBI conversation paper issued before this month expressed, that UPI as a fund transfer framework is like IMPS and hence, it very well may be contended that the charges in UPI should be similar to IMPS for fund transfer exchanges.
“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,” another tweet said.
The government has commanded a zero-charge framework for UPI exchanges with impact from January 1, 2020. This implies that charges in UPI are nothing for clients and traders the same.
UPI (Unified Payments Interface) is an instant real-time payment framework created by the National Payments Corporation of India(NPCI). The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. UPI is an open source application programming interface that sudden spikes in demand for the top of Immediate Payment Service.
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