Nirmala Sitharaman says UPI 0.4% MDR above ₹2,000 may delay
Business
Plans to start charging a 0.4% merchant discount rate (MDR) on specified merchant UPI payments above ₹2,000 could be delayed.
The rollout was supposed to begin on October 15, but Finance Minister Nirmala Sitharaman says it's now up to payment players and merchants to decide when they're ready.
Only business UPI over ₹2,000 affected
Merchant groups and fintechs asked for extra time.
For now, only business transactions over ₹2,000 would be affected: Regular person-to-person payments stay free.