The union government on Saturday clarified that transactions via UPI will remain free and attract no charges, after the passing of the Payment and Settlement Systems Act, 2007 in Lok Sabha earlier this week.
“Consumers making payments will not face any transaction charges,” the government said, adding that all person-to-person (P2P) transactions would continue free of charge. “As and when MDR charges are introduced, they will apply only to a limited set of merchant transactions, above a certain threshold, at a nominal rate, far lower than debit or credit card MDRs,” it added.
