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India consults banks, payment firms on fees for large UPI payments, sources say
MUMBAI: India’s payments authority is talking to lenders and payments firms on Tuesday to discuss levying charges on large transactions in the world’s largest retail fast-payment system, three sources familiar with the plans told Reuters. The consultations come after India changed its payments legislation on Monday, allowing firms to charge transactions of more than 2,000 rupees (about $20). All payments using the Unified Payments Interface have been free so far. The move will benefit banks and payment firms in Asia’s third-largest economy that posted 24 billion UPI payments totalling $311 bil...
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