Punjab, Oct. 13 -- The 0.4 per cent merchant fee on large UPI payments has been deferred, days before it was due to start on 15 October. The UPI and Services Steering Committee took the decision on Tuesday, citing the festive season. No new date has been announced.
What was about to change
Under the framework announced on 15 September, a 0.4 per cent MDR would apply to person-to-merchant UPI transactions above Rs 2,000, capped at Rs 300 for transactions of Rs 75,000 and above.
Specified sectors - railways, telecom, insurance, fuel and agricultural inputs - would instead attract a flat Rs 5 above Rs 2,000. Capital market transactions would pay 0.02 per cent, capped at Rs 300.
Person-to-person transfers stay free. So do merchant payments ...