Changes in UPI Payment Rules: Big news! Finance Ministry has issued a new order regarding UPI charges, UPI service will be free, check details immediately

 

New Delhi. It was recently reported that the Reserve Bank of India (RBI) is reviewing the Unified Payments Interface (UPI) and may impose charges on payments made through UPI.

Now the Finance Ministry has given relief information. The ministry said that the government is not considering levying any charges on the UPI payment service.

The Finance Ministry tweeted, “UPI is a digital platform that is extremely convenient for the public and a major contributor to the economy. No charges are being considered for UPI payment service. Other options will be considered for cost recovery for the service providers.

UPI is a digital public good with immense convenience for the public and productivity gains for the economy. The government has no idea on levying any charges for UPI services. The concerns of the service providers have to be met through other means for cost recovery. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

what is upi

Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another. The special thing is that you can transfer money through UPI anytime day or night.

How the UPI System of Money Transfer Works Using the UPI facility is quite simple. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, Bhim etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account to multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.