Centre confirms it won't levy charges on UPI transactions

The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI).

This comes days after the RBI sought feedback from stakeholders on the possibility of imposing gradual charges on UPI transaction.

Currently, no cost is incurred by users or merchants in the case of payments made through.

The Ministry of Finance on Sunday said the concerns of service providers for cost recovery have to be met through other means.

For FY23, the Centre has set aside Rs 200 crore for promotion of digital payments in the Budget.

Source: BS