National Payments Corporation of India (NPCI) has issued a circular for users using online payments in India. Under this circular, zero (0) fees have been agreed on all domestic UPI merchant transactions for UPI Interchange and Payment Service Providers from January 1, 2020. The deadline to eliminate the existing fees has been kept till 30 April 2020. This mandate will not apply to services like EMI, overdraft account and business-to-business (B2B) collections and payments. Let's know in full detail
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Earlier the Merchant Discount Rate (MDR) was abolished. After this, it has been decided to abolish the transaction charge. Talking about the current situation, banks are not charging MDR on RuPay debit card and UPI transactions. It is being speculated that other stakeholders can also get relief from the same but if this happens, the revenue of companies like PhonePe, Google Pay, Amazon Pay can be affected.
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Companies like PhonePe, Google Pay, Amazon Pay may face trouble with this rule. If seen, it is going to be quite difficult as well because of every type of UPI merchant transaction, it has been decided to completely reduce this fee. For this reason, it is not clear how all the fees collected so far will be recovered or not. If it is recovered then companies like PhonePe, Google Pay, Amazon Pay may have to face difficulties.
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