Will your next UPI payment cost more? The government has clarified how the new UPI framework will work from October 15.
Person-to-person payments and receiving money will remain free, with no monthly quota for individuals. For merchant payments, transactions up to Rs 2,000 will remain free for customers.
Certain merchant transactions above Rs 2,000 will attract a 0.4% Merchant Discount Rate (MDR), but customers are not supposed to pay this charge.
So, who pays MDR? What happens when you pay Rs 10,000 through UPI? And what about small shops, fuel, railways and stock-market payments? Watch this explainer for all the key details.