Categories: Tech News

Technology news | UPI services will remain free, Finance Ministry announces

New Delhi [India]Aug 21 (ANI): Government of India will not charge any charges for UPI (Unified Payments Interface) services.

After reports circulated online that there could be a possibility of UPI transactions being charged a service charge, the finance ministry on Sunday denied the news.

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In a tweet, the finance ministry said that UPI would continue to be free.

“UPI is a digital public good with immense convenience for the public and productivity gains for the economy. There is no consideration for the Government to charge any charges for UPI services. The concerns of the service providers for the cost recovery must be met by other means.”, said the tweet.

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“Government had provided financial support to the #DigitalPayment ecosystem last year and has also announced the same this year to encourage adoption of #DigitalPayments and promote payment platforms that are cost-effective and user-friendly,” the ministry added.

Earlier, Prime Minister Narendra Modi Prime Minister Narendra Modi had praised the UPI transactions that crossed 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 were especially helpful during the COVID-19 pandemic,” Modi had tweeted.

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

(This is an unedited, auto-generated story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)

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