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Technical News | UPI services will remain free, announces the Ministry of Finance

New Delhi [India]Aug 21 (ANI): The Indian government will not levy any fees on UPI (Unified Payments Interface) services.

After reports circulated online that there may be UPI transactions resulting in service charges, the Ministry of Finance denied the news on Sunday.

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In a tweet, the Ministry of Finance said UPI would remain free.

“UPI is a digital public good with immense convenience for the public and productivity gains for the economy. The government has no plans to levy fees for UPI services. costs must be met by other means,” the tweet read.

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“The government had provided financial support to the #DigitalPayment ecosystem last year and announced the same this year as well to encourage the adoption of #DigitalPayments and the promotion of cost-effective and user-friendly payment platforms,” ​​added the ministry.

Earlier, Prime Minister Narendra Modi Prime Minister Narendra Modi hailed UPI’s transactions crossing 6 billion in July.

“This is an outstanding achievement. It indicates the collective determination of the people of India to embrace new technologies and make the economy cleaner. Digital payments have been especially helpful during the COVID-19 pandemic,” Modi tweeted.

The number of digital transactions in July was the highest on record since 2016. UPI reported 6.28 billion transactions amounting to 10.62 trillion rupees, according to data released by the National Payments Corporation of India (NPCI). . (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)