Payments Daily · Monday, October 19, 2026Daily
PAY.NEWS
India's UPI Plans to Charge for Transactions Over 2,000 Rupees
Reportedly, India's UPI will charge a small fee for transactions over 2,000 rupees starting next month, and consumers are turning to cash. A Local Circles survey showed that 83% of merchants are unwilling to bear the additional costs; UPI processed approximately 242 billion transactions in the most recent fiscal year.
Payments & Infrastructure
PYMNTSIndia's UPI to Charge for Transactions Over 2,000 rupees, Consumers Turn to Cash
Indian consumers are reportedly turning to cash because UPI will charge a small fee for transactions over 2,000 rupees (approximately $21) starting next month. A Local Circles survey showed that 83% of merchants are unwilling to bear the additional costs; meanwhile, UPI processed approximately 242 billion transactions in the most recent fiscal year, while the amount of cash in circulation is approximately 2.3 times that of 10 years ago.