The legislation lays the groundwork for a potential overhaul of India’s zero-merchant-discount-rate regime, under which businesses have not paid fees to accept UPI payments since 2020.
PhonePe and Google Pay command 80% of India’s UPI instant payments network. Rivals are set to meet with regulators to lobby for restrictions.
Tiger Global and Microsoft are offering up their full stakes in the company, while Walmart is choosing to retain its majority stake, and selling up to 45.9 million shares.