UPI services to remain free, govt won't levy any charges: Finance Ministry
Taking to Twitter, the finance ministry said that UPI would remain free.
"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," it read.
"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 ministry further announced.
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Previously, Prime Minister Narendra Modi hailed the 6 billion UPI transactions in July.
"This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic," Modi had said on Twitter.
According to the National Payments Corporation of India (NPCI), July saw the largest number of digital transactions since 2016 and UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion.
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-PTC News
