Will UPI Remain Free to Use for Consumers?
· Business · The Hindu
Unified Payments Interface transactions have remained free for users since inception, but a proposed government law threatens to alter this framework. The legislation seeks to empower banks and payment operators to levy charges on specific merchant transactions. Concerns persist that merchants will eventually transfer these transaction costs onto everyday consumers. During a press briefing, RBI Governor Sanjay Malhotra remarked that transaction costs must be absorbed by someone within the ecosystem. Further details regarding the official implementation timeline or fee structures remain unannounced.
Why it matters
Millions of everyday Indian consumers and small merchants face potential transaction fees on digital payments if banks begin levying charges.
Read the original report — The Hindu
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.