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The Economic Times

FinMin allays fears of increase in cash transactions post UPI MDR levy: Sources

UPI Rupay The Finance Ministry United States NPCI

New Delhi: The Finance Ministry does not expect an increase in cash transactions due to the levy of 0.4 per cent Merchant Discount Rate (MDR) for UPI transactions above Rs 2,000, which comes into effect from October 15, sources said on Thursday.

Sources said it is anticipated that the imposition of MDR would not lead to a reduction in UPI transactions as only 4 per cent of total volume is getting impacted due to the decision.

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