Government to prevent passing 0.4% UPI merchant discount rate to consumers

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The government intends to instruct the Indian Banks' Association to create a mechanism against passing the 0.4% merchant discount rate on Unified Payments Interface transactions to end-users.
This directive aims to keep UPI transactions cost-free for the public.
Preventing these charges ensures the continued affordability and adoption of digital payments in India.

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Named India · Indian Banks' Association · Government of India

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