The Reserve Bank has released a discussion paper on setting charges for UPI (Google Pay, PhonePe, etc.) transactions. Currently, there is no user charge for UPI transactions.
However, the RBI points out that the charge can be argued to apply to UPI transactions as it is similar to IMPS (Immediate Payment Service) which enables high-speed transactions on mobile phones.
RBI also points out that it would be better to fix the charge on several floors according to the level of the amount. RBI estimates that sending Rs 800 through UPI costs Rs 2.
The paper also says that income should be ensured for companies and institutions in the money transfer chain.
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