Government does not intend to charge for payments made via UPI: Finance Minister

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The finance ministry stated that the government does not intend to charge for payments made via the unified payments interface (UPI), putting to rest speculation sparked by a recent Reserve Bank of India (RBI) discussion paper on digital payment charges.

“UPI is a digital public good that provides enormous convenience to the public while also increasing economic productivity.” There is no plan in the government to charge for UPI services. “The service providers’ concerns about cost recovery must be addressed through other means,” said a tweet from the official handle. According to the report, the government provided financial support for the digital payment ecosystem last year and has announced similar support this year in order to encourage further adoption of such payments and the promotion of cost-effective and user-friendly payment platforms.

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Government does not intend to charge for payments made via UPI: Finance Minister

The finance ministry stated that the government does not intend to charge for payments made via the unified payments interface (UPI), putting to rest speculation sparked by a recent Reserve Bank of India (RBI) discussion paper on digital payment charges.

“UPI is a digital public good that provides enormous convenience to the public while also increasing economic productivity.” There is no plan in the government to charge for UPI services. “The service providers’ concerns about cost recovery must be addressed through other means,” said a tweet from the official handle. According to the report, the government provided financial support for the digital payment ecosystem last year and has announced similar support this year in order to encourage further adoption of such payments and the promotion of cost-effective and user-friendly payment platforms.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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