Union Finance Ministry issues clarifications over additional charges on UPI payments | VIDEO

Life is easier with payment apps! Who could deny this? But people of 80’s won’t agree with this as they feel these apps inconvenient and even unsafe. We could hear parents saying ,don’t always rely on these app vapps keep atleast a 10 rupee note with you. But no matter what,upi and payment apps has just changed our life and go cashless anywhere.It was all during this era, numerous reports came last week claiming that the Indian government would levy additional charges to UPI payments.

Anyhow, the idea of charging for UPI payments didn't seem to sit well with people, and clearing all tensions over this, Indian government has now made clear how it feels about the issue. The news of UPI payments being charged came in when the RBI released a discussion paper where it sought feedback from stakeholders on the idea of a fee structure for various digital payments, which included RBI.

The Union Finance Ministry has clarified that United Payments Interface (UPI) is a digital public good and there is no consideration in the government to levy any charges on this. This statement allays fear emanating from the RBI's discussion paper on charges in the payment system suggesting that UPI payments might be subject to a tiered charge based on various amount brackets. Currently, there are no charges levied on transactions 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 on Sunday, August 21.