From October 15, a 0.4% fee was set to apply to certain UPI payments above 2,000 rupees ($21) that customers make to businesses, the first fee since the system launched in 2016. After fears it could raise costs and deter users, the National Payments Corporation of India (NPCI) postponed the rollout on October 13 until after Diwali. UPI, with over 500 million users, processed 24.51 billion transactions worth ₹29.82 trillion ($314 billion) in August, and PhonePe and GooglePay together hold around 80% of its value. The fee is meant to help cover running and expansion costs, but the article notes speculation that US pressure linked to a trade deal may have played a part, which it says has no definitive proof.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: What Is Happening With India Unified Payments Interface ( UPI ), the World Largest Real - Time Payments System ?
Read the original on nakedcapitalism.com ↗
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