UPI transactions may-attract charges: UPI transactions may attract MDR charge
UPI has made the biggest contribution in promoting digital payments in India. Not only does payment get done with this in a pinch, but till now there is no charge for paying through UPI. However, now the Reserve Bank is exploring options to collect charges on UPI transactions like IMPS. For this, the Central Bank has issued a discussion paper.
There is a possibility that charge levied on credit card transactions may eventually come down, either through central bank intervention or otherwise. And the reintroduction of charges on Unified Payments Interface (UPI) may, perhaps, offset the impact of fee reduction in cards for banks, industry participants said.
That said, the Reserve Bank of India (RBI) Govt of India has not taken any stance now so the overhang on merchant discount rate (MDR) would continue till the time it comes out with final guidelines, they said.
He said the growth in digital payments had largely been driven by the payment aggregators. They have suffered a collective loss of over Rs 25,000 crore in the past four years in promoting and popularising digital payments, especially UPI and installing PoS terminals and QR codes across the country.
The RBI has suggested a formula to regulate MDR on credit cards. MDR of credit card transactions is equal to that for debit card transactions (first cost), plus average rate for 30 days’ credit of few large banks (second cost) considering that a customer gets an average 30-day free credit period on a credit card transaction.
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