New Delhi: The government has directed banks and payment system providers not to impose charges on Unified Payments Interface (UPI) transactions of up to Rs 2,000 or on payments made through RuPay debit cards.
However, the government is yet to clarify whether merchants will have to pay a Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000. Currently, UPI payments are not subject to charges, regardless of the transaction value.
According to a gazette notification issued on September 14, banks and payment system providers cannot levy any direct or indirect charges on individuals making or receiving payments through RuPay debit cards or UPI transactions of up to Rs 2,000.
