UPI charges from October 15; Activate’s maiden fund
Happy Wednesday! The NPCI has announced charges on select UPI merchant payments. This and more in today's ETtech Morning Dispatch.
UPI merchant transactions surpassing Rs 2,000 will now incur a 0.4% charge starting October 15, according to the NPCI. This new merchant discount rate (MDR) will apply to person-to-merchant payments, while person-to-person transfers remain unaffected. Railways, telecom, insurance, and fuel transactions will also attract a flat Rs 5 MDR on payments exceeding Rs 2,000.
Capital market transactions will have a capped MDR of 0.02%, not exceeding Rs 300. The NPCI expects the MDR to remain within the UPI ecosystem, with fees flowing to acquiring banks, issuing banks, payment service providers, and app providers.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
