No MDR charges will be applicable on transactions through RuPay, UPI platforms from 01 January 2020
- The Union Finance Minister Nirmala Sitharaman has announced that no Merchant Discount Rate (MDR) will be applicable on transactions made through RuPay and UPI platforms with effect from 01 January 2020.
- Also, all companies with a turnover of Rs 50 crore and above will now be mandated to provide the facility of payment through RuPay Debit card and UPI QR code to their customers.
Merchant Discount Rate (MDR)
The cost paid by a merchant to a bank for accepting payment from their customers via digital means. It is expressed in percentage of the transaction amount.
Points to Remember:
- No MDR Charges will be levied on transaction made through RuPay and UPI with effect from which date?
- Companies with turnover of _______ will be mandated to provide RuPay Debit card and UPI QR code payment facility to their customers.
- MDR full form.