No more free UPI in India? Govt weighs fee for payments above Rs 2,000
India has moved a step closer to reintroducing merchant fees on transactions made through its popular Unified Payments Interface (UPI) after proposed changes to the country’s payments laws were introduced in parliament on Tuesday.
UPI, one of the world’s largest real-time payments networks, processed 23.6 billion transactions worth 29.9 trillion rupees ($313.5 billion) in July, according to official data. Walmart’s (WMT.O), opens new tab PhonePe and Alphabet’s (GOOGL.O), opens new tab Google Pay dominate payments via UPI.
