Credit card fees is one of the main reasons why Brazil's Pix and India's UPI are destroying their market share in those countries.

For merchants, it just doesn't make sense to pay high fees to cater to a dwindling minority of consumers.

Credit card usage has been increasing in India.

Source: https://bfsi.economictimes.indiatimes.com/articles/credit-ca...

Besides, NPCI has introduced merchant transaction fee for UPI now causing decline in UPI transactions.