MDR will be implemented after Diwali
National Payments Corporation of India (NPCI) has postponed the decision to implement Merchant Discount Rate (MDR) charges on some business transactions through UPI till after Diwali. The organization gave this information in a press note issued on October 13. Now this fee will be implemented after Diwali in the second week of November. However, the date of its implementation will be announced separately.
NPCI said that this decision was discussed in the meeting of the UPI Steering Committee. In the meeting, it was decided to extend the date of implementation of the fee keeping in mind the festival season. Earlier there was a plan to implement it from Thursday this week. NPCI operates UPI in the country. UPI is the most prominent medium of digital payment in India.
NPCI said in its statement, “Keeping in mind the festive season, the UPI and Services Steering Committee has decided that MDR charges on select person-to-merchant (P2M) UPI transactions will be implemented immediately after Diwali. The date will be notified separately.”