New Delhi, Oct. 13 -- The UPI and Services Steering Committee took a key decision today. On 13 October, it kept the festive season in mind while deciding on the implementation of the Merchant Discount Rate (MDR).

The MDR was supposed to be implemented starting from 15 October. It will apply to select Person-to-Merchant (P2M) UPI transactions. However, the date of its implementation has been postponed, the National Payments Corporation of India (NPCI) informed on Tuesday.

"UPI and Services Steering Committee today decided that, keeping in mind the festive season, Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions shall be implemented immediately post Diwali on a date to be notified separately," NPCI said in ...