India ends free ride for larger transactions on its ubiquitous digital payments network

Automated excerpt

The country’s Unified Payments Interface (UPI) will impose a 0. 4% merchant fee on certain payments above ₹2,000 (about $21) from October 15, the National Payments Corporation of India, which operates the network, said on Tuesday. India scrapped merchant fees on UPI payments in January 2020 to boost adoption. Payments of up to ₹2,000 account for more than 95% of UPI merchant transactions by volume, it said.

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