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RSS affiliate opposes UPI transaction fee
In Short
The remarks come a day after the government introduced a 0.4 per cent fee on transfers worth more than Rs 2,000 made to merchants through the platform from October 15 while explicitly ring-fencing everyday person-to-person transactions as well as small payments from any charge.
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RSS affiliate opposes UPI transaction fee
New Delhi: The Swadeshi Jagran Manch, an RSS affiliate, is strongly advocating for the Union government to reconsider its decision to impose a merchant discount rate on UPI transactions exceeding Rs 2,000, citing that the move is unwarranted by actual costs and could undermine a significant national achievement. SJM argues that banks have not demanded MDR, as UPI has reduced their operational costs by decreasing the need for physical infrastructure like ATMs. SJM believes the amount involved in the fee is not significant enough to justify the imposition of MDR, calling the move "most unfortunate". The remarks come a day after the government introduced a 0.4 per cent fee on transfers worth more than Rs 2,000 made to merchants through the platform from October 15 while explicitly ring-fencing everyday person-to-person transactions as well as small payments from any charge.
