This video answers the question, will UPI transactions attract charges. The Finance Ministry has issued a clarification stating that there is “no consideration” to levy any charges for United Payment Interface (UPI) services. The ministry issued this statement on its official Twitter account after there was confusion when the Reserve Bank of India (RBI) asked for public feedback on UPI payments and charges.
The ministry in a series of tweets said, “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.”
UPI has become one of the most popular methods for daily digital monetary transactions, driven by apps like Google Pay, PhonePe, Paytm and others. According to the National Payments Council of India, the total value of UPI transactions stood at 10,62,991.76 crore for the month of July alone this year. So naturally, the RBI’s indication that there could be charges on these transactions has raised concerns.
So will UPI transactions levy charges? No. The RBI is only seeking public feedback on the larger issue of payment systems and charges. There is no proposal for charging your daily UPI transactions. So you can continue transferring money via UPI without any worry.
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