New Delhi, Trinet News, September 15: The central government has taken a crucial decision regarding digital payments in the country, clarifying its stance on UPI and Rupee debit card transactions up to Rs. 2,000. This decision holds immense significance as it pertains to the imposition of additional charges on transactions amounting to Rs. 2,000 and above. To this effect, the Union Ministry of Finance issued a gazette notification at midnight.
The Ministry of Finance clarified that banks or payment service providers such as Paytm, PhonePe, and Google Pay must not levy any additional charges on transactions of Rs. 2,000 and above. These orders were issued using the powers vested under the Payment and Settlement Systems Act. This decision comes as a great relief to common citizens and small-scale traders who conduct daily purchases through digital payments.
Currently, the operational costs for these digital transactions via UPI and Rupee are being borne by banks, the National Payments Corporation, and payment companies. Reports have been circulating for the past few days that these costs would henceforth be passed on to users, and the central government itself had previously hinted at this, causing concern among digital payment users. With the release of this latest gazette, the Centre has put an end to all such apprehensions.
