The United Payments Interface (UPI) is a digital public good, according to the Finance Ministry, and no taxes are being considered by the government for this. This assertion allays concerns raised by the RBI’s discussion paper on fees in the payment system, which raised the possibility that UPI payments would be subject to a tiered fee structure depending on different amount ranges.
At this time, there are no fees associated with UPI transactions.
“UPI is a digital public good that offers the public great convenience and boosts economic productivity. The government is not considering implementing any fees for UPI services. Other methods must be used to address the service providers’ concerns over cost recovery, “a tweet from the Finance Ministry stated.
According to the RBI discussion paper published earlier this month, UPI is similar to IMPS in terms of fund transfer systems, so it might be claimed that UPI fund transfer transaction fees should be comparable to IMPS fund transfer fees.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
