New Delhi. Recent news reported that the Reserve Bank of India is currently reviewing the Unified Payment Interface and could levy fees on payments made via UPI.
The Ministry of Finance now has relief information. According to the ministry, there is no plan to impose any charges on UPI payments.
Tweeted the Finance Ministry, “UPI”: “UPI is one of these digital platforms which is highly convenient and has a significant contribution to the economy. UPI Payment Service is free of charge. Service providers may also consider other options for cost recovery.
What is UPI?
UPI, which is a real-time payment system, allows for instant money transfers from one bank account to another. UPI is a unique payment system that allows you to transfer money at any time of the day or night.
How the UPI System of Money Transfer works. It is very simple to use the UPI facility. You will need to download a UPI app such as PhonePe, Google Pay, or BHIM. You can access this app from your mobile. This system can be used by linking your bank account to the UPI app. UPI allows you to link multiple bank accounts with different UPI apps. Multiple bank accounts can also be linked to the UPI app.