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UPI fee to be implemented post Diwali

UPI and Services Steering Committee decided that, keeping in mind the festive season, Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions, shall be implemented immediately post Diwali at a date to be notified separately.

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Earlier the MDR was supposed to kick in from 15 October.

Also read: Separating The Signal From The Noise

The new UPI framework was introduced last month. It proposed MDR to specified merchant transactions above Rs 2,000. UPI will continue to remain completely free for all person-to-person transactions, irrespective of the amount transferred, as per the framework.

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