NITI Aayog backs 0.4% UPI merchant fee over ₹2,000
Business
NITI Aayog is supporting a new 0.4% fee on UPI payments over ₹2,000 made to merchants, starting October 15.
The idea is to help keep the UPI system running smoothly without needing government subsidies.
Don't worry, regular person-to-person payments and smaller transactions aren't affected, so your usual money transfers stay free.
Ashok Kumar Lahiri defends UPI fee
Some traders and political parties are upset, calling it a "Modi Tax," but officials say this small charge is key to keeping the UPI network safe and secure.
Vice Chairman Ashok Kumar Lahiri pointed out that a ₹100 transaction would only cost 40 paise extra.
He compared it to regular bank fees for things like checkbooks, saying it's about making the system stable for the long run.