India's NPCI will impose a 0.4% merchant fee on UPI transactions above ₹2,000 starting October 15, ending years of free processing. The move aims to make the digital payments network financially sustainable, with fees capped at ₹300 and exemptions for small merchants and certain sectors. Consumers will continue using UPI for free.
India's Reserve Bank Governor Shri Sanjay Malhotra unveiled new UPI capabilities including 'Tap & Pay' for faster NFC-based payments and MyUPI, an AI-powered platform enhancing safety and convenience. These developments enable digital payments outside Visa and Mastercard networks, expanding India's domestic payment ecosystem.