India delays the rollout of a proposed UPI merchant fee until after the Diwali holiday.
India delayed fees on select UPI transactions until after Diwali, with the Ministry of Finance issuing notifications on the merchant discount rate. A 0.4 percent fee applies to person-to-merchant transactions over Rs 2,000. A new date for implementation will be announced separately. The rate will be reintroduced on September 15.
- The National Payments Corporation of India postponed the rollout of a fee on large UPI transactions until after Diwali, with the Ministry of Finance issuing notifications on the merchant discount rate framework.
- A 0.4 percent charge applies to person-to-merchant UPI transactions above Rs 2,000 under the MDR framework.
- NPCI said a new implementation date will be announced separately.
- The ministry announced the reintroduction of the merchant discount rate on select UPI transactions on September 15.
- UPI recorded 802 million daily transactions on average in September.
- More than 500 million people in India rely on UPI for purchases.
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