CNA

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CNA (Channel NewsAsia) is a Singapore-based English-language news channel. It provides global news, expert analysis, and documentaries with an Asian perspective, supported by a network of correspondents in major cities across Asia, North America, and Europe.

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Shares of Indian payment firms soar as merchant fee to be imposed on some digital payments

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Shares of Indian payment firms rose broadly today, after the country's digital payments network announced yesterday it would allow operators to charge a fee, starting mid-October. Merchants will be charged a fee of 0.4% for transactions of more than 2,000 rupees, or around US$20 on the Unified Payments Interface. Analysts said the move could boost the industry's annual revenues by up to US$1 billion. Person-to-person transactions remain free of charge. The UPI dominates India's digital payments ecosystem, accounting for more than 80% by transaction volume and just under half of global real-time payments. Priyata Brajabasi reports from India's tech capital of Bengaluru.