India, Sept. 15 -- UPI has quietly become the default way to pay for groceries, food, travel, shopping and everyday services for millions of Indians. A scan, a PIN, and the money moves within seconds. But a new government notification has put the spotlight on one question: Will UPI payments above Rs 2,000 eventually attract charges?

The Finance Ministry's September 14 notification has specifically protected UPI transactions up to Rs 2,000 from direct or indirect charges by banks and payment system providers. RuPay-powered debit card payments have also been covered by the no-charge provision.

However, the notification does not mean that consumers will suddenly have to pay a fee whenever they make a UPI payment of Rs 2,001 or more. The bi...