UPI MDR Row: Is the US trade factor behind India’s digital payments debate? | Explained

Finance Ministry’s move to introduce a Bill allowing banks and payment system providers to charge fees on UPI and RuPay debit card payments has drawn attention to a less visible but significant dimension: the “Trump factor” in India’s digital payments policy.

While the government has maintained that the amendment is aimed at creating a financially sustainable model for the UPI ecosystem, trade-policy experts have pointed out that the Trump administration has consistently pushed its trade partners to create a “level playing field” in their digital transaction ecosystems.