business ๐ณ UPI fee hike raises big questions for India's digital payments
India introduced a 0.4% fee on certain UPI payments exceeding 2,000 rupees made to businesses, starting October 15. The National Payments Corporation of India announced this change, stating it will help keep the digital payments system viable long-term. While person-to-person transfers and small merchant QR code payments remain free, larger transactions will now incur charges. Experts worry this fee could increase business expenses and push some merchants back to cash for big buys. This shift comes after UPI processed a record 24.51 billion transactions in August.