There is no commercial suit rate on UPI transactions

New Delhi: The Finance Ministry on Wednesday said that the government is completely committed to promoting digital payments through the Unified Payment Interface (UPI) that there will be no trade concession rate (MDR) on UPI transactions.

MDR is a trade for debit and credit card transaction payment process .The rate is charged.

“Estimating and claiming that MDR will be charged on UPI transactions is completely false, baseless and misleading,” said a statement that such inferences create unnecessary uncertainty, fear and doubt among the citizens.

To promote digital transactions, MDR has been zero by re rupee debit cards and Bhima-UPI transactions by reforms in section 4A of 2007 for the Payment and Settlement System Act 2 2007, and for the effective distribution of Section 91.1 of 91.1, “Rup Demo-1),” Rup Demo-1). Dibil) The government said in March. Small traders .The UPI (D2M) only transactions up to than 2,000 are included under the scheme.