Finance Minister Nirmala Sitharaman said the proposed Merchant Discount Rate on UPI is not a tax, cess or surcharge, but a charge within the digital payments ecosystem levied by entities that facilitate transactions. She said the cost, if introduced, would be borne by payment service providers, merchant banks and other ecosystem participants, not by consumers at the point of payment.
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"Proposed UPI MDR Is Not a Tax or Surcharge, Will Not Hit Consumers: Finance Minister"
Finance Minister Nirmala Sitharaman said the proposed Merchant Discount Rate on UPI is not a tax, cess or surcharge, but a charge within the digital payments ecosystem levied by entities that facilitate transactions. She said the cost, if introduced, would be borne by payment service providers, merchant banks and other ecosystem participants, not by consumers at the point of payment.
Proposed UPI MDR Is Not a Tax or Surcharge, Will Not Hit Consumers: Finance Minister
R
RDU Global Wire
Startups & Venture Capital Desk
New Delhi, India Just now (12:38 AM IST)•5 min read
Finance Minister Nirmala Sitharaman said the proposed Merchant Discount Rate on UPI is not a tax, cess or surcharge, but a charge within the digital payments ecosystem levied by entities that facilitate transactions. She said the cost, if introduced, would be borne by payment service providers, merchant banks and other ecosystem participants, not by consumers at the point of payment.
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