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Centre to ask banks’ body to ensure consumers don't pay MDR on UPI payments
The brief
- The Indian Banks’ Association plans outreach to clarify that consumers do not pay MDR on UPI payments
- Clarification on UPI charges matters to banks and Indian fintech and payments companies
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UPI MDR rollout and consumer protection
SBI plans to charge MDR on UPI merchant payments above ₹2,000 from October 15, while officials say MDR collections will not cover UPI’s full operating costs and the government and banks will decide a continuing subsidy. The Finance Minister says the fee will be borne within the merchant-payment ecosystem, not passed to consumers; the government is also discussing safeguards with banks.
Friday, 25 September
Thursday, 24 September
- Centre to ask banks’ body to ensure consumers don't pay MDR on UPI payments