India moves to give its instant payments network a business model
The legislation lays the groundwork for a potential overhaul of India's zero-merchant-discount-rate regime, under which businesses have not paid fees to accept UPI payments since 2020.
The legislation lays the groundwork for a potential overhaul of India's zero-merchant-discount-rate regime, under which businesses have not paid fees to accept UPI payments since 2020.
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Why it matters
India's move to establish a business model for its instant payments network signals a notable shift in payment infrastructure and fee structures, potentially affecting a large market and payment ecosystem, but it is not a systemic or regulatory overhaul with immediate broad credit-market impact.