👉 UPI Continues to Remain Free for Peer to Peer Transactions and 96% of Merchant Transactions
👉 The new UPI framework introduced has no impact on any person to person transactions
👉 UPI will continue to remain completely free for all person-to-person transactions, irrespective of the amount transferred
👉 Payments to merchants up to ₹2,000, along with transactions covered under the zero-MDR framework for small merchants, will also remain free
👉 Consequently, approximately 96% of all P2M transactions will remain unaffected. MDR will apply only to specified merchant transactions above ₹2,000
👉 It is clarified that MDR is neither a tax nor a charge collected by the Government or
@NPCI_NPCI. It is distributed among payment ecosystem participants, including banks and payment application providers, to support the operation and continued expansion of the UPI ecosystem
👉 Introduced under the Payment and Settlement Systems Act, 2007, following detailed deliberations by the UPI Steering Committee, the framework seeks to ensure the long-term sustainability of UPI while protecting individuals and small merchants from additional charges
Read here for full details ➡️
pib.gov.in/PressReleasePage.…