India’s National Payments Corporation of India (NPCI) has postponed a fee on its Unified Payments Interface (UPI) network. The 0.4% charge would apply to merchant transactions above ₹2,000. Rollout was scheduled for October 15.
NPCI cited the busy festive shopping season and said the fee will be introduced on a date after Diwali, which falls on November 8. The delay follows pushback from retailers and trade associations.
The postponement gives merchants temporary relief during their peak sales period and gives payment companies more time to prepare.