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UPI Transactions Fee: Now you will have to pay fees for these payments through Google Pay? Claim in report

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UPI Transactions Fee Now you will have to pay fees for these payments through Google Pay Claim in report
UPI Transactions Fee Now you will have to pay fees for these payments through Google Pay Claim in report

Google Pay has now started charging convenience fees on payments for bills like electricity, LPG cylinders. This fee is being charged on payments made through credit and debit cards, and GST is also included in it. So are UPI transactions no longer free? How much is Google Pay charging?

Google Pay Charging Convenience Fee: Has UPI payment platform Google Pay now started charging convenience fee? According to media reports, the leading UPI platform Google Pay has started charging convenience fee on payment of bills like electricity, LPG cylinder. Just like Zomato and other apps charge convenience charge for using their platform, Google Pay has also started charging this charge from its customers.

How much is Google Pay charging?

According to the Economic Times report, earlier no additional fee or charge was levied on small transactions on Google Pay, but now a fee of 0.5% to 1% is being charged on payment through credit and debit cards. Goods and Services Tax i.e. GST will also be included in this charge.

However, this news has not been independently confirmed by informalnewz. Along with this, Google Pay has not yet officially announced anything on this.

Processing fee on debit-credit card?

According to the Economic Times (ET) report, Google Pay had earlier also started charging a convenience fee of Rs 3 on mobile recharge, which started a year ago. The report claims that when a customer paid the electricity bill through credit card, he had to pay a “convenience fee” of about Rs 15. This fee is shown as “processing fee for debit and credit card transactions” and GST has also been added to it.

Will there be a charge on UPI transactions?

An expert has been quoted in the Economic Times report that “Google Pay’s imposition of platform fees on bill payments indicates that UPI transactions are now being monetized so that the cost of processing payments can be recovered from here.”

According to an analysis by global service firm PwC, stakeholders have to spend about 0.25% in the process of transactions through UPI, to cover which fintech companies are now adopting new revenue models.

Although UPI transactions are completely free till now, the government does not charge any charge on it while banks have to spend on this transaction. From time to time, the demand has been raised by stakeholders that a charge should be imposed on UPI transactions but the government has kept it free till now.


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