Will You Have to Pay to Use UPI?
FM Sitharaman Clarifies Who Bears MDR Finance Minister Nirmala Sitharaman recently clarified that any Merchant Discount Rate (MDR) levied on digital transactions would fall squarely on merchants, not customers.
The crux of the matter lies in whether this clarification will alleviate concerns over the sustainability of India's Unified Payments Interface (UPI), or merely paper over cracks in a system struggling to keep pace with its ambitions.