India moves to give its instant payments network a business model

India is introducing legislation to enable merchant fees on its Unified Payments Interface (UPI), ending the zero-merchant-discount-rate policy and allowing monetisation of the rapidly growing instant payments network. This shift aims to make UPI financially sustainable as transaction volumes soar into the tens of billions monthly, with impacts anticipated for merchants, banks, and fintech companies.

This Wire brief sits within Fusion42's coverage of Fintech.