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Parliamentary panel suggests government should relook zero MDR policy for UPI

The Parliamentary Standing Committee on Commerce has asked the Indian government to rethink its zero MDR policy for UPI and RuPay.

"The Committee feels that a relook into the Merchant Discount Rate (MDR) in UPI transactions and the structure of Payment Service Provider (PSP) fee is essential as financial transactions via UPI are expected to increase further in the future. The Committee, therefore, recommends the National Payments Corporation of India (NPCI) and Ministry of Finance to undertake comprehensive stakeholders' consultation in this regard," the Parliamentary Standing Committee on Commerce said in its report on Promotion and Regulation of E-Commerce in India presented to the Rajya Sabha on June 16. What is MDR? For each transaction involving credit cards, debit cards, net banking, and digital wallets, the merchant usually pays a certain percentage of the transaction amount, known as Merchant Discount Rate (MDR), which is divided among the banks and payment service providers for their services. Credit cards, for example, attract around 2 percent MDR,…

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