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Policy● Neutral for Indian equities
0.4% MDR to apply to specified UPI merchant payments above ₹2,000 from October 15
The brief
- The 0.4% MDR applies to specified UPI merchant payments above ₹2,000 from October 15
- Merchants, not customers, will pay the charge
- Payment firms and large merchants face changes to UPI transaction economics; customers are not charged MDR
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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.
Thursday, 24 September
- 0.4% MDR to apply to specified UPI merchant payments above ₹2,000 from October 15