Indian Finance Ministry has issued a new circular regarding UPI Charges, UPI service will be free. Lately, there was news that the Reserve B...
Indian Finance Ministry has issued a new circular regarding UPI Charges, UPI service will be free.
Lately, there was news that the Reserve Bank of India (RBI) is reviewing the Unified Payment Interface (UPI) and might levy charges on payments made through UPI.
Breaking to this. Ministry of Finance, Government of India recently has issued notification to not levying any charge on the UPI payment service.
Official handle of Finance Ministry tweeted,
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. (1/2)
What is UPI?
UPI is short for Unified Payments Interface, which is a real time payment system that allows users to instantly transfer of money from one bank account to another bank account. The special thing is that one can transfer money through UPI anytime, night or day, 24/365.
To make use of this UPI facility is quite easy. To use this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps thus making use of all these bank account transactions fast, easy and secure.
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