economy
Will UPI remain free to use? | Explained
A new government Bill has sparked fears that the government will soon allow banks to levy a charge on UPI payments. How much of this is true?
Context
The government is introducing a new law that will allow banks and companies operating the (UPI) to charge merchants a fee for processing certain transactions. Until now, UPI transactions have been completely free for both merchants and consumers, a policy that drove massive adoption across India. There are widespread concerns that merchants will pass these new transaction costs onto consumers, potentially altering the dynamics of digital payments in the country.
Exam Perspectives
Key References
AI-generated study notes · sourced from The Hindu