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FM says MDR on UPI applies to merchants, not customers; fintechs, banks will invest more on security
Finance Minister Nirmala Sitharaman stated Merchant Discount Rate applies to merchants, not customers. This charge will support banks and fintech companies in infrastructure investment. A committee will decide on MDR after Parliament passes a taxation bill. The bill provides legal backing to modify the zero-MDR framework for digital payments. This move aims to ensure UPI and RuPay card transactions remain financially sustainable.
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economictimes.indiatimes.com
Payment Bill rekindles MDR hopes for large-value UPI
Proposed amendments to the Payment and Settlement Systems Act may bring back merchant discount rates. This move could help banks and fintech firms recover technology and…
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Payments bill revives hopes of MDR return on large-ticket UPI transactions - The Economic Times
ET was the first to report on July 16 that the government is considering reintroducing MDR for UPI transactions undertaken by large merchants. Sources had told ET that the Centre…
