Union financial ministry on Wednesday Reported reports suggesting Government considering excuses for paying payments in interface (UPI) claims “
In an official post on Social Media Platform X, Ministry clarified that there is no suggestion to introduce Merchant Discount Discount (MDR) to Pay Upi. It has been added that such assumptions created unwanted confusion to users and businesses at one time digital adoption grows around the country.
“Such not baseless and thinking that causes uncertainty, fear and doubt of our citizens,” the ministry says. “Government remains perfect commitment to develop digital payment by UPI.”
Explanation comes in response to a recent media report claiming that the center has a weighted option to execute high-value transactions. 3,000. The report suggests that the policy, if implemented, encounter covering increase in infrastructure and service costs ending with service banks.
The report also mentions that India’s Payment Council suggests a 0.3 percent MDR for many entrepreneurs who accept UPI payments. It claims that discussions are understood, including the National Payments Corporation of India (NPCI), and that a final decision can be obtained in the coming months. However, no official confirmation of such assumptions issued by government authorities or regulations.
The UPI, which currently facilitates nearly 80 percent of India’s digital transactions, remains a stone corner of cashless contained in the country. Since zero-mdr policy launches January 2020, digital payment by UPI sees progress in progress. The overall amount of human-traders’ transactions by UPI has crossed Rs. 60 Lakh crore since 2020, reflecting deep integration with daily trades.
Banks and Fintech players previously raised concerns with increasing weight high-frequency costs, zero-cost transactions. However, the government’s position remained unchanged in favor of maintaining a free use system to support more financial attachment and digital revision.
In this explanation, UPI transactions will continue without further cases for consumers or merchants, strengthening the government to foster a safe, repair, and affordable digital fee.
