Finance Ministry clarifies that all person-to-person transactions will be free for consumers. The majority of merchant transactions will also be free of charge, even if the Merchant Discount Rate is applied to a restricted set of merchant transactions above a specific threshold. The Finance Ministry has clarified that this will ensure technological advancement and long-term sustainability of UPI. Along with this, the Ministry has said that there will be investment in cybersecurity to avoid fraud as the transaction volume grows. This will highlight UPI's growing importance, as there were more than 29.9 lakh crore rupees in July alone. Now, the UPI is live in 11 foreign countries.
|