Charges on UPI Transaction- Nil charges for users and merchants alike

Image credit- www.google.com

Charges on UPI Transaction is nil for users and merchant alike. In tweet, the Finance ministry said that UPI would remain free and UPI is a digital public good with immense convenience for public and it productivity gain for economy.

Image credit- www.google.com

1) After the report circulated online that there may be possibility of UPI Transactions carrying a service charge, On Sunday, The finance ministry denied. 2) The Reserve Bank of India discussion paper issued earlier

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this month on charges in payment system suggested that UPI payments might be tiered charge which based on various amount brackets. 3) The RBI discussion paper said that UPI as a fund transfer system like IMPS and therefore, It argued that the charges in UPI need to be

Image credit- www.google.com

similar to charge in IMPS for the fund transfer transactions. 4) Currently, There are not any charges levied on transaction done through UPI. 5) Earlier, The Prime Minister Narendra Modi had hailed that the UPI transactions in July crossed 6 billion.

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6) In July, The number of digital transaction was highest ever since 2016. 7) According to the National Payments Corporation of India(NPCI) data released that through UPI 6.28 billion transactions which amounted to 10.62 trillion(in Indian currency).

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8) The Finance ministry tweet that "The Govt provided financial support to #DigitalPayment ecosystem last year and also announced this same this year also and try to encourage for further adoption of #DigitalPayments and Promotion of online platforms which are economical and user friendly".

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9) In India, the NEFT and RTGS payment systems are owned& operated by the RBI(Reserve Bank of India). Other Systems IMPS, RuPay, UPI and many other are owned& operated by the NPCI(National Payments Corporation of India).

Image credit- www.google.com

10) The Government had mandated a zero-charge framework for the UPI transactions with effect from 1 January 2020. It means that a transaction made through UPI charge nil for users as well as for merchants.

Image credit- www.google.com

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Image credit- www.google.com

Charges on UPI Transaction- Nil charges for users and merchants alike

Charges on UPI Transaction is nil for users and merchant alike. In tweet, the Finance ministry said that UPI would remain free and UPI is a digital public good with immense convenience for public and it productivity gain for economy.

1) After the report circulated online that there may be possibility of UPI Transactions carrying a service charge, On Sunday, The finance ministry denied. 2) The Reserve Bank of India discussion paper issued earlier

What govt said explained in 10 points below:

this month on charges in payment system suggested that UPI payments might be tiered charge which based on various amount brackets. 3) The RBI discussion paper said that UPI as a fund transfer system like IMPS and therefore, It argued that the charges in UPI need to be

similar to charge in IMPS for the fund transfer transactions. 4) Currently, There are not any charges levied on transaction done through UPI. 5) Earlier, The Prime Minister Narendra Modi had hailed that the UPI transactions in July crossed 6 billion.

6) In July, The number of digital transaction was highest ever since 2016. 7) According to the National Payments Corporation of India(NPCI) data released that through UPI 6.28 billion transactions which amounted to 10.62 trillion(in Indian currency).

8) The Finance ministry tweet that "The Govt provided financial support to #DigitalPayment ecosystem last year and also announced this same this year also and try to encourage for further adoption of #DigitalPayments and Promotion of online platforms which are economical and user friendly".

9) In India, the NEFT and RTGS payment systems are owned& operated by the RBI(Reserve Bank of India). Other Systems IMPS, RuPay, UPI and many other are owned& operated by the NPCI(National Payments Corporation of India).

10) The Government had mandated a zero-charge framework for the UPI transactions with effect from 1 January 2020. It means that a transaction made through UPI charge nil for users as well as for merchants.

Also Read