Economy · India
UPI transaction fees revised for payments over Rs 2,000
The National Payments Corporation of India (NPCI) has revised fees for Unified Payments Interface (UPI) transactions, introducing a 0.4% Merchant Discount Rate (MDR) on select merchant transactions exceeding Rs 2,000. This fee will apply to payments made to merchants, not to individuals. The NPCI stated that 96% of UPI merchant transactions are below Rs 2,000 and will remain free of charges. A decision on MDR for higher-value payments was pending, with a banks' panel expected to decide soon. Small merchants may be exempt from MDR even for transactions above Rs 2,000 if they meet certain conditions. The new rules are set to take effect from October 15.
How outlets across the spectrum covered it
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- Centre (13): Business Today, Deccan Chronicle, Deccan Herald, Haribhoomi, Mathrubhumi English, Telangana Today, The Economic Times, The Financial Express, The Free Press Journal, The Hindu BusinessLine, The New Indian Express, The Statesman, The Tribune
- Right (2): Punjab Kesari, Times Now