New Delhi: There was a buzz online about reports that there could be a possibility of UPI transactions being charged an additional charge for service the finance ministry on Sunday denied the report. On Twitter, the ministry of finance stated that UPI will remain completely unaffected.
“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,” the tweet 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 said.
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. (2/2)— Ministry of Finance (@FinMinIndia) August 21, 2022
Prime Narendra Modi had earlier announced that Prime Minister Narendra Modi was awed by the UPI transactions exceeding 6.8 billion during 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 tweeted.
The volume of digital transactions that took place in July was the highest since the year 2016. UPI announced 6.28 billion transactions, which amounts to 10.62 trillion, as per figures published by the National Payments Corporation of India (NPCI).