There was an amazing development in UPI transactions in India. In accordance with a report, in Q1 2022, there have been over 14.55 billion UPI transactions. In worth phrases, the UPI transaction was value Rs 26.19 trillion. There is a rise of 99% when it comes to quantity and 90% in value in comparison with 2021.
The information of the imposition of expenses on UPI funds got here after the RBI launched a paper searching for suggestions on the price construction for varied digital funds. RBI was additionally concerned on this course of. RBI had categorically acknowledged, “RBI has not issued directions to cost charges for UPI transactions. The federal government has made zero-charge framework necessary for UPI transactions with impact from January 1, 2020. Which means that nobody should pay any expenses for making UPI funds. Within the paper which was launched, solely regular reactions had been sought, by which there have been some questions and views had been sought on it.
The Finance Ministry clarified in its tweet that it’s going to proceed to encourage the adoption of digital funds. “The federal government supplied monetary assist for the #DigitalPayment ecosystem final 12 months and this 12 months additionally introduced to advertise the adoption of #DigitalPayments and make it cost-effective and user-friendly.”