India Allows Fees on Large UPI Transfers
India notified legislative changes allowing banks to potentially charge fees on UPI transactions exceeding 2,000 rupees. Smaller transfers remain free of any charges, while a final decision on merchant fees is pending.
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India notified legislation changes on Monday allowing bank charges on Unified Payments Interface transactions exceeding 2,000 rupees ($20.93). The policy shift removes prior restrictions against fees on digital payments in the South Asian nation. Lawmakers have yet to finalize whether fees will launch or how they will be structured.
