Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment New Charges: Big News! Government issued a new order regardingc, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Bharat Bill Payment System (BBPS) allows BBPOUs to pay electricity, phone, DTH, water, gas insurance, loan repayment, fastag recharge, education fees, credit card bills and municipal taxes. BBPS is owned by National Payments Corporation of India.

Paytm got approval from RBI

Till now Paytm Payments Bank Limited (PPBL) was providing such services under in-principle approval from RBI. The company said in a statement that PPBL has received final approval from RBI to operate as a Bharat Bill Payment Operation Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.

Under the Bharat Bill Payment System (BBPS), a BBPOU is permitted to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayment repayment, FASTag recharge, education fee, credit card bill and municipal taxes Is.

Users will get this kind of benefit

Under the guidance of RBI, PPBL will display all the Agent Institutes on its website. Paytm Payments Bank spokesperson said that our vision is to promote financial inclusion by providing users with greater access to digital services. With this approval, we will further enhance the adoption of digital payments by merchant billers and enable them with secure, fast and convenient transactions.

Through the Paytm app, users can make convenient payments for their bills and take advantage of automatic payment and reminder services.

The post Good news for Paytm Users! Paytm now connected to this government payment system, RBI approves first appeared on Rightsofemployees.com.