Digital Payments

UPI MDR framework needs rationalisation to protect public trust: Report

Proposed merchant discount rate (MDR) framework for Unified Payments Interface (UPI) transactions needs to be rationalised before implementation to protect public trust in the digital payments system, according to a report. UPI, a public digital infrastructure, has generated significant convenience for users and productivity gains for the economy, with its long-term economic benefits outweighing the incremental income that could accrue from merchant transaction fees, the report titled 'UPI at a Crossroads: Reintroducing the MDR' released by IIT Bombay said. It cautioned that public trust in UPI could be undermined if the proposed MDR framework is implemented in its present form, stressing the need to ensure that the digital payments platform does not attract negative sentiment among users. The report suggested that merchants with annual turnover of Rs 50 crore or more are mandated by law to provide UPI as a means for accepting payments. Accordingly, the remuneration for the UPI ...

No preferential access to biz from group cos: Jio Payment Solutions CEO

Jio Payment Solutions is prioritising large enterprises and profitable segments as it seeks to expand in India's crowded digital payments processing market

When complaints become insights

The next chapter in grievance redress is to ensure one customer's experience prevents the same problem for the next

A better way to fund UPI

UPI's costs could be shared more widely without distorting the incentives to use digital payments

Datanomics: PSBs lead among UPI senders, private banks top receivers

Proposed UPI MDR will give remitter banks the largest revenue share, while private banks dominate the merchant-side transactions

PhonePe to hire 20,000 staff, deploy 5 mn payment devices in 12 months

PhonePe on Thursday announced plans to accelerate the expansion of its merchant network and take digital payment infrastructure deeper into India's towns and villages. As part of the expansion, PhonePe plans to hire more than 20,000 frontline sales personnel on its rolls over the next year. The company will also deploy more than 50 lakh payment devices over the next 12 months, including SmartSpeakers and POS devices with approximately 50 per cent of these devices in rural India, taking digital payment acceptance deeper into Tier 6 towns and rural geographies. The recently announced MDR framework allows the company to take a long view and invest in merchant expansion. Initiatives like a dedicated fund using 5 per cent of the MDR amount collected earmarked for small merchant expansion, are further catalysing these investments, especially in deep rural geographies including tier 6 towns and villages. The new labour codes introduced last year, are also enabling the company to hire faste

UPI's 10th birthday party

All marketers know that offering something 'free' can act as a customer magnet. This has fascinated behavioural economists

UPI MDR: These stocks could be the winners | New UPI charges | Digital payments

NPCI’s new 0.4% MDR on select UPI merchant payments opens up a new revenue pool for payment companies. Here’s what brokerages estimate for Paytm and Pine Labs.

Govt considers mechanism to check pass-through of MDR to customers

Government may monitor merchants to ensure new UPI charges are not passed on to consumers from October 15

Delhi merchants up in arms, say MDR on UPI could mark return to cash

New UPI charges on high-value merchant payments are raising concerns among Delhi retailers, with some considering a shift towards cash to protect margins

The next frontier

Digital-payment trail can improve risk assessment for lending

Datanomics: Remittances to India from Aus, Saudi cost double the UN target

India's remittance flows are rising, but high transfer costs and limited UPI links show the need for wider cross-border payment connectivity

Govt holds firm on UPI MDR as Opposition mounts pressure for rollback

Finance Ministry rejects claims of US pressure behind UPI MDR, as Opposition parties and trader groups demand reconsideration of the new merchant fee

UPI Tap and Pay explained: How it works, key features, and its benefits

Digital payments are getting a new option. Here's what RBI's new UPI Tap and Pay feature is all about, how it works and what it could mean for users:

India backs CBDCs for Brics payments, rules out bloc-wide network

India is likely to back greater use of central bank digital currencies for bilateral trade settlements while stopping short of a unified Brics payments system that could be seen as challenge to dollar

Bank of America works on Zelle-UPI bridge for cross-border payments

BofA sees India as key cross-border payments hub as it pilots Zelle-UPI link

Pine Labs appoints former Razorpay executive Jayaram Karthik as COO

Karthik will lead operations and merchant experiences across India and international markets as Pine Labs looks to build a unified operational model globally

UPI sets new record at 24.51 bn transactions in Aug, value at ₹29.82 trn

Transaction volumes rose 3.6 per cent month-on-month and 22 per cent year-on-year, while average daily UPI transactions increased to 791 million

UPI completes 10 years as transaction volume jumps nearly 13,000-fold

Annual UPI transaction volume rose from 1.78 crore in FY17 to over 24,162 crore in FY26, while transaction value climbed to around ₹314 lakh crore

WhatsApp Pay's UPI volumes doubled to 168 million in July, shows data

Moved ahead of players such as Cred, Amazon Pay