What’s in NPCI’s wallet? A plan to unclog banking channels

The National Payments Corporation of India (NPCI) is considering a lower, uniform interchange fee to encourage mobile wallet companies to step up their Unified Payments Interface (UPI) business, said people with knowledge of the matter. This comes as banks seek to reduce the stress of millions of small-value digital payments on their systems. Bank transactions via UPI are free of cost because of a government mandate.