New Delhi: Digital payments have increased in the country for some time. On the other hand, the government is planning to charge Merchant Discount Rate (MDR) on transactions above Rs 3000 through UPI. This step is being taken by the government with the aim of helping banks and payment service providers in technical and operational expenses. Banks and payment service providers have consistently said that the costs of large digital transactions are increasing. UPI accounts for 80% of digital retail transactions in the country. From 2020 till now, the size of UPI merchant transactions has increased to Rs 60 lakh crore. But due to the zero MDR policy implemented from January 2020, there is a lack of investment in this sector. The cost of service providers has increased significantly in large transactions.
According to the report, no charges will be levied on small transactions. But MDR fee may be charged on transactions exceeding Rs 3,000. This fee will be transaction based, i.e., MDR will be charged as per the amount of the transaction done by you. He will have no connection with the business of a businessman. Payments Council of India (PCI) has suggested 0.3% MDR for large merchants. Currently, there is 0.9% to 2% MDR on credit and debit cards, but RuPay cards are exempted from this.
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