Should there be charges on UPI fund transfers?

The Reserve Bank of India on Wednesday sought views from the public on fees and charges in digital payment systems. It stressed that such charges should be reasonable and competitively determined for the users, to ensure wider acceptance of digital payment modes.

The payment systems include IMPS, NEFT, UPI and debit cards, among others.

In just six years of launch, payments made using UPI have become commonplace, with the platform boasting over 26 crore unique users and 5 crore merchants.

According to a report by payments company Worldline, UPI person-to-merchant transactions have become the most popular payment method among consumers, holding a market share of 64% in terms of volume and 50% in terms of value in the first quarter of 2022.