India to charge 0.4% fee on large UPI merchant payments from Oct 15

India's NPCI will levy a 0.4% Merchant Discount Rate on business UPI payments above 2,000 rupees (~$20.93) from October 15, capped at 300 rupees. The charge ends more than six years of free UPI, a system that processed 241.6 billion transactions worth $3.3 trillion in the last financial year.