Payments Council Seeks MDR On UPI, RuPay Transactions

The industry body has written to Prime Minister Narendra Modi to introduce MDR (merchant discount rate) on UPI and RuPay transactions

In a bid to promote digital payments, the Centre introduced a zero MDR regime in January 2020 for UPI and RuPay transactions

This comes after the Union cabinet, last week, announced an incentive of INR 1,500 Cr for UPI P2M transactions of up to INR 2,000 for FY25

Following the Centre’s decision to cut the incentives for low-value UPI (person to merchant or P2M transactions) for the…