UPI MDR rollout pushed; India’s first quantum computer coming soon

Implementation of the merchant discount rate (MDR) on select UPI (Unified Payments Interface) transactions has been pushed beyond Diwali, and a final date will be communicated soon to stakeholders, the National Payments Corporation of India (NPCI) said in a statement on Tuesday.

The plan: The UPI MDR framework, announced on September 15 by NPCI, was scheduled to take effect on October 15. It prescribed a 0.4% fee on UPI merchant payments above Rs 2,000, capped at Rs 300 per transaction.