RBI requests feedback on digital payment fees from those involved in the payment system

18 Aug 2022 , 11:03 AM

A discussion paper on the fees assessed on various payment methods, including RTGS, NEFT, UPI, IMPS, and credit, and debit cards, among others, was published by the central bank on Wednesday. The regulator has requested views from all parties involved in the payment system on whether UPI costs should be implemented or left up to the market, as well as suggestions for rules governing interchange fees for debit and credit cards. Stakeholder comments on the paper are welcome until October 3, 2022.
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The regulator stated that “discussion on charges in various payment systems, their appropriateness, alternate opinions, etc., are offered.” After each conversation, a few inquiries have been made to get input from stakeholders and the general public. Future policy initiatives would be framed using the conversation and the input is given.
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The regulatory body had announced in December of the previous year that it would publish a discussion paper on the various fees charged by banks and institutions for all types of digital transactions made using credit cards, debit cards, wallets, and the Unified Payments Interface (UPI).