According to Payments Council of India (PCI) Chairman Vishwas Patel, banks have appropriated all of the monetary support provided by the Centre to compensate for the zero-charge levy on UPI transactions.
“…all of the finance ministry’s assistance money has been appropriated solely by banks (no single bank has even a significant single digit volume in UPI)… “None of the payment aggregators (PAs) or facility provider(s) received anything,” Patel, executive director of fintech firm Infibeam Avenues, tweeted. He was responding to the Ministry of Finance’s Twitter clarification that there are no plans to charge for UPI services.
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.
According to Payments Council of India (PCI) Chairman Vishwas Patel, banks have appropriated all of the monetary support provided by the Centre to compensate for the zero-charge levy on UPI transactions.
“…all of the finance ministry’s assistance money has been appropriated solely by banks (no single bank has even a significant single digit volume in UPI)… “None of the payment aggregators (PAs) or facility provider(s) received anything,” Patel, executive director of fintech firm Infibeam Avenues, tweeted. He was responding to the Ministry of Finance’s Twitter clarification that there are no plans to charge for UPI services.
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.
