UPI merchant fees to end free digital payment era

The record

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UPI merchant transactions above Rs 2,000 will attract a 0.4% fee starting October 15.
Large transactions of Rs 75,000 or more will have a cap of Rs 300 on this fee.
NPCAI says the fee will be used to strengthen payment infrastructure, prevent fraud and improve cyber security.
Merchants are barred from charging the fee separately on UPI bills, but can pass on the cost through higher prices, fewer discounts or a shift to cash.
The fee means UPI payments may no longer stay free for ordinary consumers, who could end up bearing the cost indirectly.

Whether merchants start asking for cash or raising prices on payments above Rs 2,000 after October 15.
Whether any official body explains why the final 0.4% rate exceeded the industry's 0.3% recommendation.

1 report

Indian-language1

All filed from India

Named India · National Payments Corporation of India · Payments Council of India · Prime Minister's Office

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