Business Standard

State funds to popularise digital payment appropriated by banks: PCI chief

Payment aggregators have received nothing, says Vishwas Patel as RBI discussion paper starts debate

UPI
Premium

The RBI’s discussion paper last week sought feedback from stakeholders on the possibility of imposing a tiered charge on payments made through the UPI, based on different amount bands.

Subrata Panda Mumbai
Payment aggregators popularised the Unified Payments Interface (UPI) but they have hardly earned any money from it, said an industry representative on Monday in response to a finance ministry statement that the government has no plans to "levy any charges" for the service.

"The concerns of the service providers for cost recovery have to be met through other means,” said the ministry on Twitter Sunday. It was responding to a Reserve Bank of India (RBI) discussion paper suggesting that UPI payments could be subject to a tiered charge based on various amount brackets.

Vishwas Patel, chairman of industry association Payments Council of

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 22 2022 | 2:03 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com