Reserve Bank of India may levy MDR charges (Merchant Discount Charges) on payments made through UPI. This news has been a topic of discussion for the last few days. But in the meantime, the Union Finance Ministry of India has given relief information.
Finance Ministry of India said that, "UPI is a digital public commodity with immense convenience for the public and productivity benefits for the economy. There is no idea in the government to levy any charges for UPI services. The concerns of the service providers for cost recovery will have to be met through other means. The government last year provided financial support for the #DigitalPayment ecosystem and this year also announced to encourage the adoption of #DigitalPayments and promote payment platforms that are affordable and user-friendly."
UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)
— Ministry of Finance (@FinMinIndia) August 21, 2022
