India ends free ride for larger transactions on its ubiquitous digital payments network
India will introduce a 0.4% merchant fee for specific transactions on the Unified Payments Interface (UPI) network effective October 15. This move ends the long-standing practice of providing free processing for larger commercial payments on the country's dominant digital network. The change reflects a strategic shift toward monetizing high-value digital transactions that were previously subsidized.
India will impose a 0.4% merchant fee on certain payments made through UPI starting October 15.
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The consequential move arrives less than two months before the midterm elections.
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