UPI payments may soon come with charges; Lok Sabha passes key Bill
Lok Sabha on Thursday passed a Bill to alter the Payment and Settlement Systems Act, 2007,
which allows the government to charge banks and other service providers for payments made via the Unified Payments Interface (UPI) and other notified electronic payment methods.
The current legal restriction that prohibits banks and payment service providers from imposing Merchant Discount Rate (MDR) on notified electronic payment channels is intended to be removed by the amendment that was passed by the House without discussion amid din.
