instant payments

India rethinks UPI's free model with new payment framework

India's instant payments network is heading toward a defining moment. New legislation lays the groundwork for reworking the zero-merchant-discount-rate regime, the policy that has let businesses accept UPI payments without fees since 2020. That's a significant shift, and it's one worth watching closely. A sustainable business model could strengthen the ecosystem, but the transition needs care to protect the accessibility that made UPI so widely adopted.