India’s proposed merchant discount rate framework for selected UPI transactions has been postponed until after Diwali, according to an Economic Times report published on October 13. The framework had been scheduled to take effect on October 15 and proposed a 0.4% merchant fee on eligible bank-account-funded payments above ₹2,000, capped at ₹300 per transaction. The…
India’s Unified Payments Interface (UPI) has become an essential part of everyday life, allowing millions of people to make instant digital payments at shops, restaurants, supermarkets and online platforms. However, a proposed change to UPI merchant transaction charges has attracted considerable attention across the country. The National Payments Corporation of India (NPCI) has now postponed…
India’s Unified Payments Interface (UPI) is entering a new phase after the government and the National Payments Corporation of India (NPCI) finalised a Merchant Discount Rate (MDR) on selected UPI merchant transactions above ₹2,000. The announcement has generated significant confusion online, with many users assuming that UPI itself will no longer be free and that…
