India delays UPI merchant fee rollout until after Diwali festival
The National Payments Corporation of India postponed the start of a new charge on large digital transactions until after the Diwali holiday.
Planned October deadline moved later
A 0.4 percent fee on payments over 2,000 rupees was scheduled for October 15. Officials announced Tuesday that this date has been pushed to a time following the November 8 holiday. The new implementation date will be shared separately by the corporation.
Retailers and banks welcome pause
Trade representatives met with the finance minister in late September before the change was made. Industry groups stated that the delay allows merchants to upgrade systems without passing costs to customers. Retailers had warned they might stop accepting digital payments if the charge started immediately.
Festive season drives spending spike
The holiday period typically marks the peak of consumer spending across the nation. Shoppers usually buy cars, clothes, and home appliances during this time. The postponement aims to avoid disrupting this high-volume shopping environment.
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