RBI says UPI MDR starts 15 October for select payments
In short
UPI MDR will start on 15 October for select merchant payments above Rs 2,000.
RBI Governor Sanjay Malhotra said the fee is small and should not hurt UPI usage much. Consumers will not be charged, but the exact rate and full list of covered payments are not stated.
What the reporting says
UPI MDR is set to take effect from 15 October for select merchant transactions above Rs 2,000, and RBI Governor Sanjay Malhotra said the small fee should not materially affect UPI volumes. The publisher summary says consumers will not be charged. What remains unknown is the exact MDR rate and which merchant categories are covered.
Why it matters
UPI MDR is due to begin on 15 October for select merchant transactions above Rs 2,000, with RBI Governor Sanjay Malhotra saying the small fee is unlikely to hit UPI volumes. This matters for merchants, payment providers and users because the charge applies only to some higher-value merchant payments and consumers will not pay it directly. The reporting does not state the fee rate or the full scope of transactions covered.