New Delhi: The government has rejected claims that its decision regarding merchant fees on Unified Payments Interface (UPI) transactions was taken under external pressure.
The government clarified that policy decisions concerning UPI and the country’s digital payments ecosystem are taken independently, keeping in mind the interests of consumers, merchants and other stakeholders.
The clarification comes amid ongoing discussions over the issue of charges on UPI transactions and concerns regarding the financial sustainability of the digital payments ecosystem.
Officials said that India’s UPI framework has been developed with the objective of providing fast, convenient, affordable and accessible digital payment services to citizens and businesses.
The government maintained that decisions related to UPI and its payment ecosystem are based on domestic policy considerations and the requirements of India’s digital payments sector, rather than pressure from external entities.
The clarification is expected to address speculation surrounding the government’s position on UPI merchant fees. The government has reiterated that decisions concerning the digital payment system are made independently after considering the interests of various stakeholders and the broader objectives of India’s digital economy.
