Government Sets No MDR Fee for UPI Payments Below ₹2,000
India's finance ministry has issued new rules barring banks and payment system providers from charging any merchant discount rate (MDR) on RuPay debit card or UPI payments up to ₹2,000. The ruling opens the possibility that UPI transactions above this amount could carry fees in the future. The National Payments Corporation of India (NPCI) is expected to determine the specific rates and framework.
- Banks must not charge MDR on UPI under ₹2,000
- Rules also cover RuPay debit card transactions
- NPCI will decide MDR rates for higher payments
- Possible MDR of 0.4% for large UPI payments reported
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