View: The authorities must take a step again, scale back its interference with digital funds

Synopsis

Earlier this yr, GoI mandated that retailers or sellers couldn’t be charged any charges — service provider low cost fee (MDR) —for accepting funds by UPI or RuPay playing cards. This price is shared between the banks and the UPI apps. The enterprise mannequin for bank card firms is constructed on MDR, as retailers are charged for accepting bank cards.

by Abhimanyu GirotraIndia’s flagship funds platform Unified Payments Interface (UPI) touched a brand new excessive in September, clocking 1.7 billion transactions and crossing `three trillion in worth. In simply 4 years, it accounts for greater than half of digital retail funds — debit and bank cards clock round one billion transactions a month.While UPI has democratised digital funds, the ecosystem — UPI apps and banks — hasn’t reaped its due

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