upi transactions

The quick read

What's driving the attention

The Indian Lok Sabha passed a bill authorizing the government to permit banks to levy charges on UPI transactions, sparking public discussion.

A recent bill passed by the Indian Lok Sabha authorizes the government to allow banks to impose charges on UPI (Unified Payments Interface) transactions, a major digital payment system in India. This legislative change comes amid international pressure and affects merchants and consumers. Finance Minister Sitharaman clarified the specifics regarding who will bear the Merchant Discount Rate (MDR) cost, addressing public concerns about potential fees for UPI use.