No service charge on UPI, clarifies Centre
CEO Insights Team, 0
"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", it added.
The clarification from the government comes after media reports claimed that a latest RBI paper titled `Discussion
The clarification from the government comes after media reports claimed that a latest rbi paper titled 'discussion paper on charges in payment system' had literature implying that the central bank was considering adding fees to each financial transaction made through the upi system
The discussion paper by the RBI covers all aspects relating to charges on not just UPI but other payment systems like IMPS, NEFT, RTGS, debit, credit cards and PPIs.
"Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries. To ensure this balance, it was considered useful to carry out a comprehensive review of the various charges levied in the payment systems by highlighting different dimensions and seeking stakeholder feedback", it said.