Mumbai, Merchant discount rate (MDR) on UPI transactions should be cut to 0.08 per cent from the present 0.40 per cent, a report by professors at IIT-Bombay has recommended.
In the report, Ashish Das, a professor in the institute's Department of Mathematics, and Pragya Das, who was formerly with RBI, said that the third party application providers like PhonePe and Google Pay and payment service providers which are mostly banks should be compensated for their services.
