New Delhi, August 21: The Government of India will not levy any costs on UPI (Unified Funds Interface) providers. After experiences circulated online that there will be the chance of UPI transactions carrying a service cost, the finance ministry on Sunday denied the information.
In a tweet, the finance ministry mentioned that UPI would stay 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 learn. UPI, RuPay Playing cards To Be Accepted in France After NPCI Worldwide Indicators MoU With Lyra Community.
Finance Ministry’s Tweet
UPI is a digital public good with immense comfort for the general public & productiveness beneficial properties for the economic system. There is no such thing as a consideration in Govt to levy any costs for UPI providers. The issues of the service suppliers for price restoration must be met by means of different means. (1/2)
— Ministry of Finance (@FinMinIndia) August 21, 2022
“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 quantity of digital transactions in July was the best ever since 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, based on knowledge launched by the Nationwide Funds Company of India (NPCI).
(That is an unedited and auto-generated story from Syndicated Information feed, OKEEDA Workers could not have modified or edited the content material physique)
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