The record
Written from the 1 report below. Nothing here is unsourced.
- The Indian government plans to implement a 0.4 percent Merchant Discount Rate on UPI transactions exceeding 2000 rupees starting October 15.
- In anticipation of this, some petrol pump operators are displaying signs encouraging cash payments to avoid the fees.
- While there is confusion regarding the new rule, the government has clarified that the MDR for petrol pumps will be capped at a flat 5 rupees per transaction rather than a percentage-based model.
What to watch next
- Government clarification or further instructions regarding the implementation of the UPI MDR charge.
- Potential changes in consumer payment behavior at retail fuel stations.
- Adjustment of business practices by petrol pump operators in response to the new fee structure.
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1 report
Indian-language1
All filed from India
Named India · Alwar · Government of India · National Payments Corporation of India
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