India's proposal could end 0-MDR on UPI, Nirmala Sitharaman says
India's UPI payments might see a big shift soon, as a proposal aims to end the statutory guarantee of a zero merchant discount rate (MDR) on UPI transactions.
This has kicked off debates about whether digital payments will stay as accessible and free as they are now.
Finance Minister Nirmala Sitharaman reassured everyone that any new charges would hit merchants, not users, so your UPI payments should still be free.
Jairam Ramesh warns bill threatens 0-MDR
Senior Congress leader Jairam Ramesh called out the proposed bill, saying it threatens the zero-MDR promise and could change how we pay digitally. He even linked it to a US report.
Sitharaman responded by emphasizing that users won't be charged.
The conversation is really about keeping digital payments easy for everyone while figuring out how to fund the system long-term.
Zero-MDR debate raises UPI concerns
The zero-MDR debate has raised concerns about how we use digital payments in India, so keep an eye out for updates if you rely on UPI for everyday purchases!