Banks' panel to decide on UPI merchant charges on transactions above ₹2,000
A panel comprising representatives of banks, service providers and various associations would soon take a call on charges to be levied on UPI payments above Rs 2,000 to merchants.
The UPI & Services Steering Committee has 22 members, including Indian Banks' Association (IBA) and Payments Council of India (PCI).
According to sources, the committee would soon take decision on Merchant Discount Rate (MDR) on UPI transaction above Rs 2,000 based on various factors including self-sustainability and market expansion.
For example, merchant charge in Brazil's PIX ecosystem is around 0.33 per cent, while in China, such charge is 0.40 per cent.
The government on Monday said that UPI transactions, including through RuPay debit cards, up to Rs 2,000 from person to merchant are free.
All person-to-person UPI transactions will also continue to be free.
As per a gazette notification dated September 14, no bank or system provider would impose, whether directly or indirectly, any charge on a ...
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