India’s UPI will charge fees on transactions above 2,000 rupees, consumers turn to cash
Indian Consumers Embrace Cash Ahead of New Instant Payment Fees
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Indian consumers are reportedly turning to cash because UPI will charge a small fee on transactions above 2,000 rupees (about $21) starting next month. A Local Circles survey found that 83% of merchants are unwilling to bear the additional costs; meanwhile, UPI processed about 242 billion transactions in the most recent fiscal year, while cash in circulation is about 2.3 times what it was 10 years ago.
The material puts changes to UPI fees alongside cash usage data, presenting specific context showing that the expansion of digital payments has not replaced cash and that merchant costs may affect payment choices.
Source:PYMNTS · pymnts.com