India Imposes 0.4% Merchant Fee on Large UPI Transactions Starting Oct. 15
India's government will apply a 0.4% merchant discount rate to select UPI transactions beginning October 15, ending the zero-cost model that has governed the world's largest real-time payments network. Operators running cross-border or merchant-facing payment products connected to UPI need to reprice accordingly.
Sources
More in Payments
- SoFi Goes Live with Stablecoin Settlement on Mastercard Rails, Targeting $25B Volume
- SEC Releases Final Innovation Exemption for Digital Capital Markets
- DBS and Citi Complete First Weekend Cross-Border USD Settlement via Tokenized Deposits
- TabaPay Files to Acquire Community Bank, Seeks Charter Conversion to TabaPay Bank
- Félix Raises $200M Series C from a16z and General Catalyst for WhatsApp Remittances
