SynopsisA debate erupted over removing UPI's zero merchant discount rate guarantee. Finance Minister Nirmala Sitharaman stated any charges would affect merchants, not users. Senior Congress leader Jairam Ramesh criticized the proposed Bill and linked it to a US report. Industry voices and users expressed concerns about potential future charges on digital payments. The discussion highlights future funding models for India's digital payment infrastructure.A debate over the proposed removal of the statutory guarantee of a zero merchant discount rate (MDR) on Unified Payments Interface (UPI) transactions spilled over to social media on Thursday after senior Congress leader Jairam Ramesh criticized the proposed Bill, and Finance Minister Nirmala Sitharaman responded. Politicians, industry voices and users on X joined in.In a post on X, Ramesh said the Bill removes the legal guarantee that has keptNow Playing
Proposed UPI MDR changes spark reactions from politicians, Industry leaders and users - The Economic Times
A debate erupted over removing UPI's zero merchant discount rate guarantee. Finance Minister Nirmala Sitharaman stated any charges would affect merchants, not users. Senior Congress leader Jairam Ramesh criticized the proposed Bill and linked it to a US report. Industry voices and users expressed concerns about potential future charges on digital payments. The discussion highlights future funding models for India's digital payment infrastructure.
India's Finance Minister proposes removing UPI's zero merchant discount rate guarantee, prompting debate on future cost allocation in digital payments. The move reveals sustainability challenges in India's payment infrastructure; shifting costs to merchants could affect adoption and innovation dynamics.
