{
  "id": 7547629,
  "title": "India consults banks, payment firms on fees for large UPI payments, sources say",
  "url": "https://urgent.news/2026/09/15/india-consults-banks-payment-firms-on-fees-for-large-upi-payments",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-15T11:58:02.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40439600/india-consults-banks-payment-firms-on-fees-for-large-upi-payments-sources-say"
  },
  "original_language": "en",
  "account": "Mumbai: India's payments regulator is in talks with banks and payment companies on Tuesday to consider charging fees for large transactions using the world's largest retail fast-payment system, according to three sources close to the plans. The discussions follow India's recent legislation change on Monday, which permits firms to charge for transactions exceeding 2,000 rupees (around $20). Currently, all Unified Payments Interface (UPI) payments have been free. The move would benefit banks and payment firms in India's third-largest economy, which facilitated 24 billion UPI transactions worth $311 billion in August. During Tuesday's meeting, the agenda will cover the overall fees to be imposed on merchant payments and how the costs will be split among banks, payment apps, and aggregators, according to the two sources. Regulatory bodies, including the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI), are considering a 0.4% charge, but the final rate and split are yet to be determined, said the third source. Banks may receive 40% of the fees, with the remaining amount split evenly between the payment app and the merchant payment services provider, the third source added. Person-to-merchant transactions are likely to be charged, while peer-to-peer transactions will remain free. All sources declined to provide their names, citing non-authorization to speak with the media. The National Payments Corporation of India and the Reserve Bank of India did not immediately respond to requests for comment. The introduction of UPI charges would provide additional revenue for Paytm and Pine Labs, create a new income stream for banks, and improve prospects for IPO-bound PhonePe and Razorpay. According to analysts at Jefferies, the fees could generate 50 billion to 100 billion rupees annually for the payments industry. India's payments ecosystem is heavily dominated by apps backed by significant overseas investments, including Walmart-backed PhonePe, Alphabet's Google Pay, Paytm, and Meta-backed CRED.",
  "summary": "MUMBAI: India’s payments authority is talking to lenders and payments firms on Tuesday to discuss levying charges on large transactions in the world’s largest retail fast-payment system, three sources familiar with the plans told Reuters. The consultations come after India changed its payments legislation on Monday, allowing firms to charge transactions of more than 2,000 rupees (about $20). All…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Economic Times",
        "title": "India seeks banks’ views on fees for UPI payments",
        "url": "https://urgent.news/2026/09/15/india-seeks-banks-views-on-fees-for-upi-payments",
        "published": "2026-09-15T07:00:05.000Z"
      },
      {
        "outlet": "Business Standard IN",
        "title": "DBS Bank India expands DBS MAX to simplify multi-gateway digital payment",
        "url": "https://urgent.news/2026/09/15/dbs-bank-india-expands-dbs-max-to-simplify-multi-gateway-digital",
        "published": "2026-09-15T11:43:43.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}