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Alert! Are you BHIM UPI user? Then here's good news for you; check details

BHIM UPI Charges: In a move to boost digital payments in small and large merchants' transactions across the country, National Payments Corporation of India (NPCI) has revised BHIM UPI charges for large ticket transactions.

India TV Business Desk India TV Business Desk
New Delhi Updated on: September 01, 2019 6:51 IST
BHIM UPI user ALERT! Digital payments to get cheaper, ZERO

BHIM UPI user ALERT! Digital payments to get cheaper, ZERO fee for transactions below Rs 100

BHIM UPI Charges: In a move to boost digital payments in small and large merchants' transactions across the country, National Payments Corporation of India (NPCI) has revised BHIM UPI charges for large ticket transactions.

NCPI said it ha capped the BHIM UPI merchant discount rate (MDR) for large ticket transactions at maximum Rs 100 and made it ZERO at offline merchants for transaction up to Rs 100.

According to NPCI’s notification, MDR has been revised to 0.30 percent with a maximum cap of Rs 100 per transaction. MDR is the commission charged by a bank providing infrastructure to the merchant to accept payments,

At present, MDR is capped at 0.25 percent for transactions up to Rs 2,000 while for transaction above Rs 2,000, MDR is capped 0.65 percent.

Further, MDR for offline merchants, where transactions are done through QR (quick response) Scan and Pay, will be ZERO for transactions up to Rs 100. The new MDR rates will come into effect from October 1, 2019, said an NCPI statement.

Dilip Asbe, MD & CEO, NPCI said “The Zero MDR for transaction up to Rs 100 and increased limit for P2PM category (Small merchants) will help faster migration from cash to digital using BHIM UPI. The lower MDR will encourage all categories and types of merchants to deploy the asset-lite acceptance infrastructure (BHIM UPI QR code) to grow digital footprint across the country. We envisage this reduction in MDR will encourage merchants to start accepting BHIM UPI and grow the volume on merchant transactions multi-fold.”

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