UPI Transaction Will No Longer Be Free, Charges to Apply Even for ₹1

UPI Transaction: In India, the Unified Payment Interface, which we know as UPI, is used by millions of people for transactions multiple times a day. Nowadays, every customer wants to make payments at any shop solely through UPI, and shopkeepers also easily collect payments from customers because no charges are imposed on them. However, the Reserve Bank of India is soon going to introduce a new rule.

In this regard, RBI Governor Sanjay Malhotra has informed that it is very difficult to keep digital payments completely free for the long term. Currently, all banks and payment service providers are being subsidized by the government so that people can use the UPI service completely free. However, changes may occur in the future, and charges might have to be paid for both receiving and sending money via UPI.

UPI Transaction to Become Self-Sustainable

Governor Sanjay Malhotra has stated that this is necessary to make the payment system financially self-sustainable. Any system remains viable in the long term only if it is self-sustainable. If its costs are not met, it cannot continue. At present, the government is bearing the entire expense through subsidies, but this situation will not last for a long time.

UPI Users in India

Let us tell you that, according to information provided by the Reserve Bank of India in recent years, UPI transactions in India are growing rapidly. Over 60 crore transactions occur daily in India through UPI. Under the Reserve Bank of India and the Digital India mission, this entire system has been kept completely free so far.

UPI Users to Face Charges

According to experts, if any kind of charge is imposed on UPI transactions, it will be very nominal, so it will not put much burden on users. The Reserve Bank of India is trying to make this system completely sustainable. There is no intention to earn profit through this, which will ensure the service runs smoothly without any issues.