Parliament passes Bill enabling banks to charge fees on UPI merchant transactions

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The Lok Sabha has passed a Bill that grants the government authority to allow banks and payment service providers to levy charges on UPI transactions. The legislation extends the fee-imposition power to other electronic payment modes that may be officially notified in the future. Currently, UPI transactions are free for users, but the new law opens the door for potential charges, particularly on merchant payments. The move signals a possible shift in India's digital payments landscape, which has seen rapid growth under a zero-fee model.

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