UPI free for citizens, merchants may face ‘nominal’ fee: Government
The Indian government confirmed that UPI payments will remain free for consumers, while merchants may incur a nominal fee under a new bill passed by the Lok Sabha. The Ministry of Finance assured that person-to-person transactions will not face charges, but a Merchant Discount Rate may apply to certain merchant transactions in the future. The bill aims to amend the Payment and Settlement Systems Act, 2007.