The RBI, in its discussion paper, said that the government had mandated a zero-charge framework for UPI transactions with effect from January 1, 2020.
Unified Payment Interface, aka UPI, has seen significant growth in India. Consumers are using UPI as a primary mode of transaction for making payments online or offline while purchasing groceries, electronics and other things. Among the many reasons for UPI’s success in India is it is completely free while offering a straightforward and no-nonsense user experience. However, it looks like the Reserve Bank of India might soon introduce a new UPI transaction fee.
India’s apex financial system regulator has asked stakeholders to offer suggestions on the idea of introducing a fee on UPI transactions. While the RBI has not announced a firm stance, its recent discussion paper (via) suggests that the top bank is considering levying a fee on UPI transactions in India.
