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India's UPI fee faces retailer, broker pushback
NEW DELHI: India’s decision to start charging some merchant payments under its popular Unified Payments Interface has drawn opposition from retailer bodies, with businesses warning the move could squeeze margins ahead of a crucial festival period. On Tuesday, the National Payments Corp said it would charge a 0.4% merchant fee on transactions above 2,000 rupees ($20), ending more than six years of zero-cost payments that fueled UPI’s rapid adoption. The move has been backed by the federal government and central bank. The Retailers Association of India, a lobby representing India’s organised ret...
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