According To A Recent Directive From The Finance Ministry, There Will Be No UPI Fees
The Reserve Bank of India (RBI) is reportedly examining the Unified Payment Interface (UPI) and may start charging for transactions performed over UPI, according to recent news reports.
The Ministry of Finance has now provided some consolation. According to the ministry, the government has no plans to impose any fees on the UPI payment service.
According to the Finance Ministry, UPI is one of these digital platforms that is very user-friendly for the general people and significantly boosts the economy. For the UPI payment service, no fees are being considered. For service providers’ cost recovery, other possibilities will be taken into consideration.
What is UPI?
Let me explain that UPI is a real-time payment technology that enables prompt money transfers from one bank account to another. The unique feature is that you can send money using UPI at any time, day or night.
How does the UPI Money Transfer System Operates?
The UPI facility is very simple to use. You must install any UPI app on your phone for this, such as Paytm, PhonePe, Google Pay, BHIM, etc. By connecting your bank account to the UPI app, you can access this system. You may connect a single bank account to numerous UPI apps using UPI. One UPI app may control numerous bank accounts simultaneously.
News Mania Desk
