UPI will no longer be free

 

The country is moving rapidly towards digitization. UPI i.e. Unified Payments Interface has made online transactions easy, as a result of which today everyone is adopting online payments. Payment through UPI can now be heavy on your pocket. RBI is now preparing to impose fees on it. For this, the central bank has come up with a proposal, in which suggestions have been sought from the people. Whereas till now transactions on UPI were free.

Explain that the Reserve Bank has sought public opinion on this. Regarding this, the bank has issued a discussion paper on charges in payment system. The central bank says that fund transfer from UPI is instant like IMPS, so it should also be charged like IMPS. Apart from UPI, the Reserve Bank is also considering levying charges on debit card payments. However, the Reserve Bank has not yet taken a final decision on the charges on UPI.

Argument of RBI:

The central bank has said through the proposal that the purpose of the fee is to recover the cost of development and operation of the UPI infrastructure. Public money has been invested in this. Therefore a fee should be charged from it. At the same time, the transaction of money through UPI is like IMPS, which is not free. Therefore, charges should be levied on transactions on UPI as well.

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