To increase the adoption of credit on United Payments Interface (UPI), National Payments Corporation of India (NPCI) is looking at an interchange fee for transactions lower than that for a credit-card transaction.Sources in the know said these charges could be 1-1.2 per cent. Fintech participants concur with the view that the interchange fee is expected to be lower than that for a credit-card transaction. Credit-card transactions generally have an interchange fee of 1.8-2 per cent.
"The interchange basically varies by the merchant category. I believe the interchange fee for credit lines on UPI should be lower than that for credit cards, but how much lower is still to be clarified," said Mohit Bedi, chief business officer (CBO) and co-founder, Kiwi, a credit on UPI fintech.
At present, there is no interchange fee defined by NPCI for the credit line on UPI.
A credit line on UPI is a presanctioned loan from banks.
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A life that lives beyond
The passing of Ratan Tata marks the loss of not only an iconic leader but also a global visionary whose influence extended far beyond business.
Ratan Tata: The unlikely social media star
On Monday, Ratan Tata posted on social media: \"Thank you for thinking of me,\" debunking rumours about his health. Just two days later, on Wednesday, the former Tata Group chairman passed away in a Mumbai hospital at the age of 86.
Paytm appears poised for rebound
While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license.
Love-all, RAFA
'KING OF CLAY' TO SIGN OFF FROM PROFESSIONAL TENNIS BY THE END OF THIS SEASON
Aman for startups
Ratan Tata was known as much for his business acumen as for his philanthropy. However, a lesser-known fact was his stellar track record when it came to startup investment.
RBI's inflation caution may halt FMCG rally
Analysts suggest buying quality stocks on dips for long term
Indices close marginally higher
Equity benchmark indices Sensex and Nifty settled higher on Thursday due to gains in banking, power, and industrial stocks amid a firm trend in global markets.
Oil gains after 2-day decline
Oil rose after a two-day decline as traders watched for an Israeli response to Iran's missile attack early last week, while US crude stockpiles expanded the most since April.
Pro-rata distribution mandate for AIFs likely to see tweaks
Final norms to ensure excuse, exclude provisions co-exist
Bernstein downgrades Indian stocks on valuation concerns
Bernstein Societe Generale Group's Asia quant strategists have downgraded Indian stocks due to valuations, while predicting further upside for Chinese equities on a policy boost.
