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UPI transactions to remain free

Recently there was news that Reserve Bank of India is reviewing UPI payment. It was said that the Reserve Bank is considering imposing MDR charge that is Merchant Discount Rate on UPI payment.

Now a statement has been issued by the Ministry of Finance in this regard. In a tweet made by the Ministry of Finance, it was said that UPI is such a digital platform which is very convenient for the public and has a big contribution to the economy.

The government is not considering imposing any kind of charge on the UPI payment service. Other options will be considered for cost recovery for service providers. To strengthen the digital payment ecosystem, the government had announced financial assistance last year. This help will continue this year also.

UPI payment charges:

The Finance Ministry tweeted and said that no charge is being considered on UPI payment service. The government has decided to continue the financial support for the digital payment ecosystem. Last year, the government had announced 1500 crores for the loss of MDR charges due to digital payment system.

UPI service charge is free from 1st January 2020

The government had made the RuPay debit card and UPI charge-free on January 1, 2020. In such a situation, there was a loss of MDR charge on every transaction. Financial help is being given only to compensate for this. UPI service has become the easiest and most popular medium of online transaction. According to NPCI data, 600 crore transactions were done with the help of UPI in July.

With the help of these transactions, a transaction of Rs 10.2 lakh crore was completed. The MDR charge loss resulting from hundreds of crores of transactions on a monthly basis can be estimated.

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