19/10/2026
From 15 October, a ₹3,000 UPI payment to a typical merchant will cost that merchant ₹12. For about 6 years, it was free.
The 0.4 percent fee applies to merchant payments above ₹2,000, is capped at ₹300, and is paid by the merchant to its bank. The customer does not pay it.
Payments between people, payments up to ₹2,000 and payments to small merchants stay free. Mutual fund purchases, redemptions and SIP payments are not affected.
Ms. Sharmila Adrian D'Silva, Fund Manager (MF Equity) at ICICI Prudential AMC, explains what changed and what did not, in the September edition of What Moved the Markets.
Watch the full episode. https://bit.ly/3U007kk