Merchants to be charged 0.4% for UPI transactions over ₹2,000; small vendors exempt
The National Payments Corporation of India announced a 0.4% charge on UPI transactions exceeding ₹2,000, effective immediately. This fee will apply to only 4% of merchant transactions, as person-to-person transfers, which make up 70% of UPI's total value, and small vendors are exempt. This change aims to streamline UPI usage while minimizing impact on smaller merchants.