UPI Charges May Become a Reality: Lok Sabha Clears Bill to Allow Digital Payment Fees
What Happened
The Lok Sabha has passed an amendment to the Payment and Settlement Systems Act, 2007, giving the Central Government the authority to permit charges on UPI and other notified digital payment modes in the future. No immediate charges, a sepreate notification will be issued for levy of charges. he Centre can now decide which digital payment modes may attract charges in the future.
Key Takeaways
The move aims to provide a revenue model for banks, payment service providers, and digital payment infrastructure firms supporting India's growing cashless economy.