A 0.4% merchant discount rate on UPI payments above Rs 2,000 could drive three‑quarters of users toward cash, credit cards or bank transfers, according to a LocalCircles survey.
Posts tagged as “UPI”
Finance Minister Nirmala Sitharaman clarified that the merchant discount rate on UPI transactions above Rs 2,000 is not a government levy and will be borne by merchants, not consumers.
The government cited a finance committee report and backing from Congress MPs to justify a new fee on high‑value UPI transactions, while Rahul Gandhi questioned the move.
A 0.4% charge on merchant UPI payments over ₹2,000, effective Oct. 15, spurred gains in payment firms and banks, while keeping person‑to‑person transfers free.
India's UPI payment system may soon introduce fees, sparking concerns about its scalability.
The NPCI (National Payments Corporation of India) has introduced new UPI rules, which will be implemented from Friday, August 1, 2025. These rules will further…
This is the first of its kind case in Mumbai of a cyber fraud using espionage as a disguise to cheat people, an official claimed.…