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NPCI sets 0.4% UPI fee on merchants over Rs 2000
The Indian Express··17 Sept
NPCI said UPI person to merchant transactions above Rs 2,000 will carry a 0.4 percent merchant discount rate from October 15. Opposition parties demanded rollback and alleged US pressure. The Ministry of Finance said foreign influence claims are false and UPI stays free for customers scanning QR codes. Rahul Gandhi asked the Prime Minister to roll back the fee.
Prism
What It Means For You
- Merchants accepting UPI above Rs 2,000 may pay the new rate from October 15.
- Customers paying friends or scanning QR codes remain free of charges, the finance ministry said.
- Small merchants protected under policy remain a stated government goal.
What's Happening
- NPCI announced the merchant discount rate a day before Wednesday's political debate.
- Congress leaders demanded rollback and alleged US card company pressure.
- Finance ministry posts on X rejected claims of foreign influence on the decision.
Merchant discount rate rules
- The fee applies to person to merchant UPI transactions over Rs 2,000.
- Rahul Gandhi posted a video asking the Prime Minister to roll back the fee.
- Defence Minister Rajnath Singh and finance officials defended UPI success separately in reports.
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