The Union finance ministry is preparing a monitoring system to ensure that the Merchant Discount Rate (MDR) on select Unified Payments Interface (UPI) transactions is not passed on to consumers. From October 15, a 0.4% MDR will apply to person-to-merchant UPI payments above ₹2,000, with the charge to be paid by merchants. The National Payments Corporation of India (NPCI) has said the move is aimed at creating a sustainable revenue framework for digital payments. The finance ministry has also rejected allegations of US pressure and said the new rules do not favour international credit cards over RuPay.

#UPI #MDR #DigitalPayments

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