All You Need To Know About The New UPI 'Fee'

India's click-and-pay UPI services will attract a fractional charge above Rs 2,000 for merchant payments, the government has notified, though it ruled out charges on person-to-person transactions.

The new UPI Merchant Discount Rate (MDR) framework will be effective from October 15.

The new framework suggests a 0.4% charge will be levied on such transactions made by consumers to merchants, the National Payments Corporation of India (NPCI) has stated in its new rules for Unified Payments Interface (UPI).

This charge is capped at Rs 300 per transaction, one that the Finance Ministry has advised banks to ensure merchants don't pass on to consumers.