NEW DELHI, Aug 5: Unified Payments Interface (UPI) transactions above ₹2,000 could attract a merchant discount rate (MDR) in the future under proposed legal changes, with RBI Governor Sanjay Malhotra saying that “someone has to pay the cost” of maintaining the rapidly expanding digital payments ecosystem. Speaking at the post-policy press conference, Malhotra said the […]

Finance Minister Nirmala Sitharaman introduced the amendments to the Payment and Settlement Systems Act, 2007 in Parliament on Monday. This will enable

The government has introduced legal amendments that could allow MDR on select UPI payments. The move could shift charges towards larger merchants while keeping consumer payments free.

The government has introduced legal amendments that could allow MDR on select UPI payments. The move could shift charges towards larger merchants while keeping consumer payments free.