Zero MDR gave banks no return on UPI merchant registration costs: Former DFS Secretary M. Nagaraju | Today’s news

The rate and other parameters were finalized through the UPI and Services Steering Committee, headed by the NPCI, which includes banks, payments companies and industry bodies such as the Payments Council of India and the Banks Association of India. The rate is well below the cost of card acceptance, where the MDR of credit cards typically ranges from 1.5% to 2.5%. The fee is limited to ₹300 which is valid from ₹75,000, which is the point at which it reaches 0.4%. ₹300.