ICICI bank will charge payment aggregators for UPI transactions
Starting August 1, ICICI Bank will charge payment aggregators (PAs) for facilitating UPI transactions on merchant platforms: 2 bps per transaction (₹6 cap) if they hold escrow accounts with the bank, and 4 bps (₹10 cap) otherwise. With UPI handling costs rising and no MDR earnings, banks are now monetising investments by charging PAs.