MDR charges announced: Who will pay how much for UPI transactions
Beginning October 15, UPI payments exceeding ₹2,000 will incur a Merchant Discount Rate (MDR) of 0.4%, impacting merchants, not customers. The government has advised banks to prevent merchants from passing these charges to consumers, ensuring UPI remains accessible. This follows a recent exemption for UPI payments up to ₹2,000 from any bank charges.