The MDR will have to be borne by merchants. Larger retailers, online platforms and restaurants, among others, may choose to absorb the cost. The National Payments Corporation of India (NPCI) on Tuesday announced a 0.4% merchant discount rate (MDR) on UPI transactions above Rs 2,000, subject to an overall cap of Rs 300. For utility…

The RBI said the move would help UPI “continue to scale, innovate and serve consumers.” NEW DELHI: The Reserve Bank of India has backed the introduction of a Merchant Discount Rate (MDR) on large-value UPI transactions, saying the move would help strengthen the long-term sustainability of India’s digital payments ecosystem.The National Payments Corporation of India…

Oil prices fell on Wednesday after an unexpected increase in US crude inventories outweighed concerns over supply disruptions following an attack on Saudi Arabia’s East-West pipeline.Brent crude futures declined 93 cents, or 0.86%, to $107.82 a barrel at 0028 GMT, while US West Texas Intermediate (WTI) crude futures dropped 97 cents, or 0.92%, to $104.86…

MUMBAI: Will the reintroduction of MDR on select UPI transactions impact you in any way? Well, a lot will depend on individual retailers, even though the government has kept consumers beyond the ambit of the framework. MDR is charged to merchants by banks and payment networks for processing digital transactions.Many of the large merchants such…