India to limit merchant fees on UPI to keep cashless payments free
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AI-generated summary of the coverage listed below: India is planning to cap merchant discount rates (MDR) on certain UPI transactions, keeping free transfers for consumers while testing safeguards for the payment ecosystem. The new rule will apply to payments above Rs 2,000 and is expected to generate revenue for fintech firms, though its effect on profitability and user behavior remains unclear. The move aims to sustain the country’s cashless momentum while protecting merchants.
Covered by 3 outlets across the spectrum: 0% left, 67% center, 33% right.
Who is covering this story
- Center (2): Deccan Herald, YourStory
- Right-leaning (1): Deccan Chronicle
Sources
- DC Edit | Will India Go Back to Being a Cashless Economy? — Deccan Chronicle (right-leaning)
- MDR apprehension unlikely to spur higher cash usage: RBI DG Shirish Chandra Murmu — Deccan Herald (center)
- Will UPI MDR be a new revenue engine for fintech firms? — YourStory (center)