UPI's 0.4% Merchant Fee: India's Digital Payments Tug-of-War Begins October 15

India's UPI ecosystem is about to get its first-ever merchant fee, with a 0.4% MDR kicking in on October 15 for transactions above ₹2,000. This marks a seismic shift from the "free payments" era, but the real story isn't the fee itself—it's who actually pays. Finance Minister Nirmala Sitharaman clarified the charge is on merchants, not consumers, and that 96% of small merchants are exempt. The government insists this isn't a tax, and the money won't go to state...