This would imply a 29 per cent year-on-year rise, significantly lower than growth rates seen in recent years.
'When you think of cross-border payments, the first things that come to mind are risk, compliance, taxation, speed, and cost.'
'The introduction of a reasonable MDR for large merchant transactions will allow the industry to continue investing in innovation, cybersecurity, grievance redressal, and merchant support, ultimately ensuring that UPI continues to thrive.'
UPI topped Rs 24 trillion in value of transactions and 19 billion in volume for the first time after becoming operational in April 2016.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
'We eat first, they later; we sit on chairs and they on the floor; we call them by their names and they address us by titles,' writes Tripti Lahiri, author of Maid in India.
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