Now UPI payment will also not be free. | What does the government have to say, will UPI payment be chargeable or not?

 

Now even UPI payment will not be free:

You will not even be able to recover from the inflation of vegetables, pulses, milk, curd, and everyday things that another preparation has started to run scissors on your pocket. The new issue is related to payment. That is the impact of inflation on your payment. You will say brother, tell me directly, then the matter is such that one of the major reasons for the popularity of UPI payment, which has become an integral part of our life, is that you do not have to pay any charge on UPI transactions.

The Reserve Bank of India (RBI) is looking into whether it should levy any charge on UPI transactions. The RBI has explored these possibilities as to how to cover its long-standing investments in payment systems and the expenses they incur in regulating them. For this, the Reserve Bank is thinking of levying a fee per transaction on debit cards and charges on transactions on UPI-based fund transfers.

The Reserve Bank has sought the opinion of the general public on this matter in the discount paper on charges in the payment system. Not only this, but in this paper, RBI has spoken in favor of the charges being taken on RTGS. The Reserve Bank has said that it has a huge investment in RTGS i.e. Real Time Gross Settlement and it is the money of the common people. In such a situation, these charges are not a source of income. The possibilities of charging IMPS have also been talked about in this paper.

Well, come back to UPI as it has become the biggest mode of our day-to-day transactions. So the Reserve Bank has said in its paper that  UPI is the same as IMPS. In such a situation, it can be argued that UPI should also be charged like IMPS for fund transfer transactions. RBI has talked about the possibility of charging different charges for different amounts of slabs.

That is, in the coming time, if you use UPI to transfer funds, then you will have to be ready to pay the charges for it. UPI is run by the National Payments Corporation of India (NPCI). It is regulated by RBI. Over the years, payment through UPI has become the most preferred means for people. UPI has given great ease to do business in remote areas of the country or vegetable vendors also.

Let's also take a look at its stats. Since the launch of UPI in 2016, there have been 6 billion transactions through UPI in July this year, which is its highest ever transaction. In July 2022, there have been 6.28 billion UPI transactions, during this period, transactions worth ₹ 10.62,00,000 crores were done through UPI in Rupee. Volumes have grown by 1% in December as compared to June, while in value terms, the increase is at 4.76%.

On an annual basis, i.e., the volumes in July 2022 increased almost two times as compared to July 2021. Whereas in value terms this increase is 75%. For the first time in October 2019, UPI crossed the 1 billion transaction mark, while the journey of 0 to 1 billion transactions was covered by UPI in three years. After this 1 billion transactions took just one year. UPI took just 10 months to reach from 2 billion to 3 billion transactions.

It took only three months to reach the four billion transactions per month. The success story of UPI transactions is visible in these figures and this is the reason why the Reserve Bank is now looking to earn from UPI. It may be that for the time being, it may not be chargeable at all. But sooner or later you have to be ready to pay on UPI transactions.

UPI payment will be chargeable or not?

A few days ago, there was news that UP Eye, which has become an integral part of your life, will no longer be free, but now the Ministry of Finance has denied this by tweeting. What is the whole matter? What has the Ministry of Finance tweeted, we will tell you in this article. It was reported that the Reserve Bank of India (RBI) is looking at Industries and whether any charge should be charged from them on UPI transactions.

The RBI is exploring these possibilities as to how to cover its long-standing investments in payment systems and the costs involved in regulating them. The Reserve Bank is thinking of levying per transaction fee on debit cards and charges on UPI-based fund transfer transactions. The Reserve Bank has sought the opinion of the general public on this issue in the discussion paper on charges in the payment system. But now the Ministry of Finance has tweeted and said that no charge will be levied on UPI.

The Ministry of Finance said in a tweet that UPI is a digital public platform, with greater convenience for the public and productivity benefits for the economy. The government last year provided financial support for the digital payment system and this year also announced to encourage the adoption of digital payments and promote payment platforms that are affordable and user-friendly.

Since the launch of UPI in 2016, there have been 6 billion transfers through UPI in July this year, which is the highest ever in the case. Volume has grown by 7.16% over June, while the growth in value term is 4.76%. On an annual basis, i.e., the volume has increased almost two times in July 2022 as compared to July 2021, while the increase in value term is 75%.

For the first time in October 2019, UPI crossed the 1 billion transaction mark. The journey from 0 to 1 billion trends was covered by UPI in three years. After this, it took just one year for 1 billion transactions. UPI took just 10 months to reach from 2 billion to 3 billion. At the same time, it took only three months to reach 4 billion per month, but the success story of UP is visible from the name. It may not be charged at present, but you have to be ready to pay money on UPI sooner or later.

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