UPI MDR is not a tax, says TV Mohandas Pai, as charges aim to support digital infrastructure
- TV Mohandas Pai said 96% of UPI transactions will remain unaffected by the new MDR framework.
- He said 70% of UPI payments are person-to-person, while payments below ₹2,000 remain completely exempt.
- Pai clarified MDR is a payment fee for banks and providers, similar to credit card processing charges.
- He said MDR will help fund infrastructure upgrades as UPI volumes are expected to reach 50 billion transactions.
Source: thehansindia.com
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