UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately
New Delhi. Recently there was news that the Reserve Bank of India (RBI) is reviewing the Unified Payment Interface (UPI) and may levy charges on payments made through UPI.
Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.
The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”
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 bank account. The special thing is that you can transfer money through UPI anytime, night or day.
How UPI System of Money Transfer Works Using the UPI facility is quite easy. 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 with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.