The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 from October 15 is unlikely to push consumers back to cash. He argued that India’s payments landscape shows digital transactions and cash circulation can rise together, with cash continuing to serve both as a medium of exchange and a store of value.
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"UPI MDR from October 15 Won’t Trigger Cash Surge, RBI Deputy Governor Says"
The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 from October 15 is unlikely to push consumers back to cash. He argued that India’s payments landscape shows digital transactions and cash circulation can rise together, with cash continuing to serve both as a medium of exchange and a store of value.
UPI MDR from October 15 Won’t Trigger Cash Surge, RBI Deputy Governor Says
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RDU Global Wire
BFSI & Fintech Desk
New Delhi, India Just now (06:14 PM IST)•5 min read
The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 from October 15 is unlikely to push consumers back to cash. He argued that India’s payments landscape shows digital transactions and cash circulation can rise together, with cash continuing to serve both as a medium of exchange and a store of value.
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