BUSINESS
UPI Rules: No charges will be levied on customers for UPI payments, Finance Minister has given full details
The new rules on UPI payments are creating a different perception among the public. Meanwhile, Union Finance Minister Nirmala Sitharaman has clarified that the Merchant Discount Rate (MDR) charged on UPI payments will not be passed on to consumers. She added that this issue was also discussed during the Parliament session.
The Finance Minister accused
opposition parties of spreading lies and misinformation. Sitharaman said that MDR is a fee levied by service providers to improve the system and provide better service and it does not apply to transactions less than ₹2,000.
According to media reports , merchants will be charged a
0.4 percent MDR on UPI transactions exceeding ₹2,000, while consumers will continue to transact without any fees. The government has stated that approximately 96 percent of UPI transactions will remain unaffected by the new system.
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