India to impose controversial fee for UPI instant payments: Who benefits?
- New Delhi, India – Prime Minister Narendra Modi’s government is poised to levy new charges for using the country’s popular, homegrown instant digital payment system for select merchant transactions, raising concerns for businesses.
- India’s quasi-governmental National Payments Corporation of India (NPCI) has announced that a 0.4 percent fee will apply from October 15 to all UPI (Unified Payments Interface) transactions above 2,000 rupees ($21) made to businesses.
- Since its introduction a decade ago, the UPI – which allows customers to make instant payments via apps, free of any cost – has transfo
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- New Delhi, India – Prime Minister Narendra Modi’s government is poised to levy new charges for using the country’s popular, homegrown instant digital payment system for select merchant transactions, raising concerns for businesses.
- India’s quasi-governmental National Payments Corporation of India (NPCI) has announced that a 0.4 percent fee will apply from October 15 to all UPI (Unified Payments Interface) transactions above 2,000 rupees ($21) made to businesses.
- Since its introduction a decade ago, the UPI – which allows customers to make instant payments via apps, free of any cost – has transfo
Sources: Al Jazeera