India to Impose Fee on Certain UPI Transactions Starting October 15
Report says a 0.4% merchant charge will apply to select payments on India's widely used Unified Payments Interface network.
India will begin charging a fee on certain transactions made through its Unified Payments Interface (UPI), the country's dominant digital payments network, starting October 15, according to a report by TechCrunch.
The report said a 0.4% merchant fee will apply to certain payments made via UPI, marking a shift from the fee-free structure that has characterized the platform since its widespread adoption. The report's headline described the change as ending a "free ride" for larger transactions on the network.
UPI has become a central part of digital commerce in India, processing a large volume of transactions across merchants and consumers, according to the report. The TechCrunch report did not provide additional details on which categories of transactions would be subject to the fee or the rationale behind the change.
TechCrunch's report did not specify which government body or regulator is responsible for implementing the fee, nor did it detail reactions from merchants, payment providers, or consumers. Further details on the scope and implementation of the fee were not immediately available.
Sources
- India ends free ride for larger transactions on its ubiquitous digital payments network — TechCrunch
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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