GoKawiil
Tech News
India's National Payments Corporation has delayed its planned October 15 introduction of a 0.4% fee on UPI merchant transactions above ₹2,000, citing the festive shopping season. NPCI did not announce a new date for the rollout. The fee, first announced last month, had drawn opposition from retailers and petrol station operators, some of whom threatened to stop accepting UPI payments.
Apple is launching Apple Pay in India with Axis Bank as its sole initial banking partner, according to people familiar with the matter. The service will support only eligible Axis Bank Visa and Mastercard cards at select enabled merchants, leaving out RuPay and India's dominant UPI system entirely at launch.
India's National Payments Corporation announced that starting October 15, merchants will pay a 0.4% fee on UPI transactions exceeding ₹2,000, capped at ₹300 for payments of ₹75,000 or more. Consumers will still use UPI for free, and small merchants earning up to ₹100,000 monthly through UPI, along with transactions of ₹2,000 or less, are exempt. Certain sectors like railways, telecom, insurance and fuel will instead pay a flat ₹5 fee on larger transactions.