A New Era for UPI? ICICI Bank Starts Charging PhonePe, Google Pay as Transactions Soar to 700 Million Daily
Hey there, fellow tech enthusiasts and digital payment users! Consider this : India's most preferred real-time payment system, UPI, has just achieved a significant milestone. As reported by the National Payments Corporation of India (NPCI), daily transactions have exceeded 700 million! Reflect on that for a moment. More than 70 crore payments are conducted each day, ranging from grocery purchases to transferring money to a friend. This serves as a remarkable indication of how integral UPI has become in our daily lives, marking a substantial victory for India's digital economy. However, hold on, there is an unexpected turn of events. Just as UPI is achieving unprecedented success, ICICI Bank has taken a step that has generated considerable excitement in the fintech sector. The bank has begun imposing fees on payment aggregators such as PhonePe and Google Pay for handling UPI transactions. Before you become alarmed and rush to stockpile cash, let us clarify what this truly sign...