Banks’ panel to soon decide on merchant charges for UPI transactions above Rs 2,000

A panel comprising representatives of banks, payment service providers and various associations will soon decide on the Merchant Discount Rate (MDR) for UPI transactions above Rs 2,000 made to merchants, with self-sustainability and market expansion among the factors under consideration.

The UPI & Services Steering Committee, which is headed by the National Payments Corporation of India (NPCI), has 22 members, including the Indian Banks’ Association (IBA) and Payments Council of India (PCI).