Payment charges on UPI
UPI services won’t be subject to any fees from the Indian government. According to the finance ministry, UPI would continue to be free. According to the ministry, UPI is a digital public benefit that offers the public tremendous ease and boosts economic output. The administration is not contemplating about charging for UPI services.
Unified Payments Interface (UPI) and its Challenges
A system called the Unified Payments Interface (UPI) combines several bank accounts. It makes easy fund routing, and merchant payments into a single mobile application (of any participating bank). Additionally, it supports “Peer to Peer” collect requests that may be planned and paid for according to need and convenience. It is an immediate real-time payment system that enables customers to transfer money between different bank accounts in real-time without disclosing personal information to the other party. The National Payments Corporation of India (NPCI), which is governed by the Reserve Bank of India (RBI) and IBA (Indian Bank Association), established the concept of UPI.