RuPay

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Banking, Fintech & Insurance Just now (09:22 PM IST)

Finance Ministry Sees No Cash Surge After UPI MDR Levy, Sources Say

The Finance Ministry does not expect a meaningful shift back to cash after the proposed merchant discount rate on a limited set of UPI transactions, according to sources familiar with the matter. Officials believe the impact will be contained because only a small share of UPI volumes will be affected, while RuPay debit card payments will remain free, reducing pressure on everyday digital use.

By RDU Global Wire5 min read

Banking, Fintech & Insurance6h ago

MDR on select UPI transactions is not a tax or surcharge, will not hit consumers, Sitharaman says

Finance Minister Nirmala Sitharaman has pushed back against criticism of the proposed Merchant Discount Rate on select high-value UPI transactions, saying it is neither a tax, cess nor surcharge and will not flow to the government. She said the charge is part of the digital payments ecosystem, will be borne by merchants, and is intended to support infrastructure and innovation in UPI.

5 min readRead →

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Co-Occurring Entities

Entities frequently referenced alongside RuPay:

UPI(1)New Delhi(1)Finance Ministry(1)