India Consults Banks on UPI Fees
India discusses levying charges on large UPI transactions with banks and payment firms. Regulators consider a 0.4 percent fee on merchant payments while peer-to-peer transfers remain free.
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India's payments authority is consulting lenders and payments firms on Tuesday to discuss levying a 0.4% charge on large transactions in the world's largest retail fast-payment system. The discussions follow a legislative change on Monday permitting fees on transactions exceeding 2,000 rupees, ending years of free service on the Unified Payments Interface. The shift opens a new revenue stream for financial institutions and payment providers processing billions of monthly transactions.
