Summary
Daily, about 802 million payments were processed, amounting to roughly 29.37 lakh crore rupees in value.
A proposed 0.4% fee would apply only to merchant payments above 2,000 rupees, leaving most small‑business transactions fee‑free.
Key Points
4 points1
September’s transaction volume rose 23% compared with the same month last year.
2
The average daily transaction value was about 97,913 crore rupees.
3
More than 96% of merchant payments are under 2,000 rupees and remain exempt from the fee.
4
Small and medium businesses with monthly receipts up to 1 lakh rupees are not liable for the fee.
New Words to Learn
10 wordsUnified Payments Interface
A nationwide system that lets people send and receive money using mobile phones.
National Payments Corporation of India
The organization that operates and oversees the Unified Payments Interface.
transaction
An event where money moves from one party to another.
billion
One thousand million (1,000,000,000).
crore
Ten million (10,000,000).
year‑on‑year
A comparison of a statistic with the same period in the previous year.
average
A typical value calculated by adding numbers together and dividing by how many there are.
merchant
A person or business that sells goods or services.
merchant discount rate
A small percentage fee that can be charged to merchants for processing payments.
Goods and Services Tax
A nationwide tax applied to most goods and services sold in India.
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