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UPI payments above ₹2,000 for merchants will incur a 0.4% Merchant Discount Rate, with most transactions and all person-to-person payments remaining free. This change aims to ensure UPI's sustainability.
From October 15, a 0.4% merchant discount rate applies to UPI person-to-merchant payments over ₹2,000, with consumers unaffected; person-to-person transfers remain free.
In a major boost for diaspora convenience this festive season, Malayalis arriving from the UAE, Saudi Arabia, Qatar, and Oman can now make UPI payments via Paytm without needing an Indian SIM card.
A proposed amendment to UPI transaction charges sparked debate, though the Finance Minister clarified levies would only apply to large-value transactions. UPI, a globally recognised Indian payment system, remains free, fostering innovation and competition.
Consumers and small merchants will likely remain free from UPI transaction charges, despite legal amendments to allow digital payment fees. The Payments Council of India clarified that any future charges would be commercial arrangements, not consumer costs.
The shift is expected to boost ‘Ease of Commuting’ for highway users.
Members will now be able to withdraw up to 100 per cent of the eligible balance.
Nagaraju emphasised the need to scale up small micro-units into medium enterprises.
The service will use UPI's newly launched 'reserve pay' feature
Users can now authenticate UPI payments using smartphone fingerprint or face unlock, eliminating the need for a UPI PIN.
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