Google Pay now charges 0.5% to 1% (plus GST) for bill payments made via credit and debit cards, while UPI bank transfers remain free. Competitors like PhonePe and Paytm also charge similar fees. Fintech firms face high UPI processing costs, totaling ₹12,000 crore annually, prompting new revenue models. UPI transactions surged to 16.99 billion worth ₹23.48 lakh crore in January 2025, marking a 39% YoY increase. The Indian government waives MDR for UPI payments under ₹2,000, but platforms still struggle with revenue generation
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