India's free UPI payment ecosystem could soon witness its biggest policy shift since launch. The government has proposed amendments to the Payment and Settlement Systems Act that create a legal framework for introducing Merchant Discount Rate (MDR) on selected digital payment modes in the future.

While no immediate charges have been announced, reports suggest the government is considering a 0.25% to 0.4% merchant fee on UPI transactions above ₹2,000 made to businesses. Person-to-person transfers are expected to remain free, while larger merchants could bear the charges based on their annual turnover.

UPI Payments May No Longer Be Free? Government Eyes Merchant Charges

Despite the global trend towards digital payments, Cash is still used on a daily basis in several places globally. During the last 10 years, following the growth of digital payments, the use of actual money, notes and coins, has decreased by about 1 per cent to 2 per cent annually.

Cash is still the king? Top 7 countries that use the most paper money — India’s rank will surprise you

The nation introduced banknotes in 1661 and installed Europe’s first automatic teller machine in 1967. It was the first European country to issue banknotes.

This European country went cashless and embraced a digital economy!

India's digital transformation stands as a compelling example of progress in the global landscape. Recent findings from the ministry of statistics and programme implementation reveal a remarkable increase in internet usage, rising from 41.8% in 2020-21 to 59.8% in 2022-23. Watch in for more details!

Inclusivity: The Next Step For India’s Digital Growth?

Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years. Watch to know more.

Visa targets 10x digital payment growth in Pakistan

With cash transactions taking the back seat and digital payments becoming more and more common in developing and developed nations, the spending behaviour of people has significantly changed.

Digital payments making people more prone to spending on luxury items, jewellery: Study

A decade ago, India's financial system faced instability and limited access to capital. On pollnomics today, we explore a remarkable turnaround. From cleaning up bad debt to empowering millions with bank accounts, India has undergone a financial transformation. Take a look at this report.

India empowers millions through basic bank accounts & digital payments

India's central bank has asked the country's payments authority to examine digital payments firm Paytm's request to become a third-party payment app. If the request is approved, Paytm could continue processing payments via India's popular unified payments interface or UPI.

Decoding Paytm's latest request to RBI

India's Central Bank has dropped the hammer on Paytm Payments Bank. In a move prompted by supervisory concerns, the central bank has imposed stringent restrictions on the digital banking giant. This means Paytm can no longer accept new deposits, credit transactions, or top-ups in any accounts after February 29th.

Paytm Payments Bank in limbo: India's RBI hits Paytm Payments Bank

Paytm, India's pioneering digital payments firm, is making headlines with a spectacular 39% rise in its quarterly revenue. Amid soaring demand for loans, the parent company, one 97 communications ltd, reported 286 million dollars in revenue for the three months ending June 30th, surpassing last year's figures. Paytm also accomplished an operating profit for the third consecutive quarter, reaching over 10 million dollars. the net loss has narrowed to over 43 million dollars, showcasing a remarkable turnaround.

Paytm reports 39% rise in quarterly revenue

India has topped the list for digital payments, surpassing four other nations, with an astounding 89.5 million transactions recorded in 2022. As per the data, 46 per cent of all real-time payments made worldwide in 2022 were made in India.

Frontrunner in digital payments: India tops world ranking, says MyGovIndia data

India launched UPI, or Unified Payments Interface, in 2016, a few months before bank note demonetisation. UPI aimed to reduce the use of paper in payments and provide a safe and simple digital payment system. UPI recorded 4.50 billion transactions, worth Rs 8 trillion in December 2021.

India's UPI digital payments near 5 billion

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

Digital payments without the internet: All you need to know

WhatsApp added the ₹ (Indian rupee) symbol to its chat composer on Thursday, making it easier for Indian users to transmit payments using the service. It has also revealed that the composer's camera icon can now scan any QR code to facilitate payment at over 20 million businesses in India.

WhatsApp adds Indian Rupee symbol to chat box for digital payments 

India witnessed the highest number of real-time online transactions in 2020, trumping China and United States. At least 25.5 billion real-time transactions were recorded in India over the last year, followed by 15.

India trumps China, US with over 25 billion digital transactions in 2020

Australia locked in plans on Tuesday to make Facebook Inc and Google pay its media outlets for news content, a world-first move aimed at protecting independent journalism that has drawn strong opposition from the internet giants.

Australia to make Facebook, Google pay news outlets for content

Fraudsters are using various tricks to cheat people and defraud them of their money. Watch the video to know more

Don't fall prey to online scams on Paytm, WhatsApp and other popular apps

He urged Indians to adopt digital mode of payment in their daily lives as a measure to tackle black money

Modi emphasises digital transactions in his monthly 'Mann ki Baat'

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