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India postpones UPI payment fee rollout until after Diwali festival
MUMBAI: India has postponed the rollout of a fee on large payments via its popular Unified Payments Interface platform until after the Diwali festival, the National Payments Corporation of India (NPCI) said on Tuesday. A 0.4% charge for merchants on transactions exceeding 2,000 rupees ($21) was scheduled to take effect on October 15. The deferral is “keeping in mind the festive season”, and the fee will be implemented immediately after the Hindu festival on a date that will be notified separately, NPCI said in a statement. Diwali, which will be celebrated across India on November 8, typically ...
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