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The Economic Times

Economy / The Economic Times

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PhonePe, Razorpay back selective UPI charges for large merchants

PhonePe cofounder and chief executive, Sameer Nigam, and Razorpay cofounder and chief executive, Harshil Mathur, have argued in favour of a sustainable business model that echoes the position of the Payments Council of India (PCI). The industry association has sought to separate free everyday payments from charges on select merchant transactions to ensure commercial viability of the service.

8 Aug 2026 11:51 pm