No more free UPI in India? Govt weighs fee for payments above Rs 2000
No more free UPI in India? Govt weighs fee for payments above Rs 2000
An MDR is a fee paid by merchants to banks and payments service providers for processing digital transactions
India has moved a step closer to reintroducing merchant fees on transactions made through its popular Unified Payments Interface (UPI) after proposed changes to the country’s payments laws were introduced in parliament on Tuesday.
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An amendment to India’s Payment and Settlement Systems Act, tabled in parliament by Finance Minister Nirmala Sitharaman, would allow the introduction of a merchant discount rate (MDR) on digital payments, according to industry and regulatory sources.
The sources said the change creates a legal basis for charging an MDR, but no decision has yet been made on the level of fees or where they would apply.
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