India defers merchant fee on UPI payments above Rs 2,000 until after Diwali.

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The Indian government has postponed implementing a Merchant Discount Rate for UPI transactions exceeding Rs 2,000. The fee, initially set to begin on October 15, will now take effect after the Diwali festival. This delay is intended to prevent disruptions during the peak festive shopping season. It also provides payment companies more time to prepare for the change, which is expected to create a new revenue source for them.

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