New Delhi: Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions will be implemented immediately after Diwali, the National Payments Corporation of India (NPCI) has announced.
The UPI and Services Steering Committee took the decision keeping the festive season in mind, according to NPCI’s October 13 release. The exact implementation date will be notified separately.
Decision concerns select merchant transactions
The announcement specifically refers to select P2M UPI transactions. NPCI has not specified the MDR rate, the merchant categories covered or an exact commencement date in this release.
