After the rumors of charges on UPI transactions, the Union Finance Ministry confirmed that the Central Government is not considering levying charges on digital payment modes.
On the evening of the 21st of August, Sunday, the Union Finance Ministry took to Twitter and posted, “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.”
In another tweet, the Finance Ministry of India said, “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 clarification came after reports that Prime Minister Narendra Modi led Government of India is planning to come up with a rule, wherein users need to pay on every UPI transaction.
It is to be noted, that the National Payments Corporation of India (NPCI) revealed that 6.28 billion transactions worth Rs. 10.62 trillion took place in July, which is an increase of 7% from the data collection of June. Furthermore, In Fiscal Year (FY) 2022, UPI processed more than 46 billion transactions amounting to over Rs. 84.17 trillion.
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