Indian Finance Minister Clarifies UPI Charges for Merchants, Not Customers
Indian Finance Minister N Sitharaman clarified that Unified Payments Interface (UPI) charges will only apply to merchants, not customers. This statement addresses concerns about who bears the Merchant Discount Rate (MDR) under a new tax bill.
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Will you have to pay to use UPI? FM Sitharaman clarifies who bears MDR
In a recent statement, Finance minister Nirmala Sitharaman emphasized that UPI transaction charges will be applicable to merchants rather than customers. She explained that any Merchant Discount Rate (MDR) imposed would be instrumental in enhancing the digital payment ecosystem. Following the passage of an amendment bill in Parliament, a committee will investigate the adjustments to the zero-MDR policy for digital payments.
By SHIVANGHI PAYAL
Read full article →UPI Charges Only For Merchants, Not Customers: N Sitharaman On New Tax Bill
Through the bill, the government has proposed that the central government can decide which electronic payment modes or transactions would remain free.
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