NEW DELHI: In a bid to promote digital payments, Finance Minister Nirmala Sitharaman on Saturday said no MDR charges will be applicable on transactions through homegrown RuPay and UPI platforms beginning January 1, 2020.
Department of Revenue (DoR) will soon notify RuPay and UPI as the prescribed mode of payment for digital transactions without any Merchant Discount Rate (MDR), she said after meeting with CEOs of public sector banks here.
Accordingly, all companies with a turnover of Rs 50 crore or more will be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers, she said. (AGENCIES)
Follow our WhatsApp channel
