India Introduces Fees on UPI Digital Payments

India has introduced a merchant discount rate (MDR) on UPI transactions, meaning businesses now pay a fee when customers use the digital payment system. The change has boosted the revenue outlook for Indian payment firms, whose shares jumped on the news. Ashneer Grover, a prominent figure in India's fintech sector, criticized the move, saying consumers will ultimately bear the cost and calling it a tax. The new rules also include specific provisions for person-to-person payments and monthly quotas.