India has emerged as one of the biggest digital currency markets in the world thanks to the quick revolution of the UPI transactions rate. People have been utilising UPI services for virtually every monetary payment these days.
However, the finance department had recently communicated that there would be certain fee that would be implemented on merchant transactions starting very soon.
But this idea was quickly contested by the wider section of the public as they felt that this new UPI fee would adversely affect the common public. Considering all the negativity that has been happening, the finance department and the union government have taken a big decision in this direction.
According to the latest communication that has been made by the concerned authorities, UPI Merchant Discount Rate on select Person-to-Merchant transactions will be implemented after Diwali. This was supposed to come to implementation by October 15 itself, but that is not happening.
National Payments Corporation of India says the UPI and Services Steering Committee took the decision keeping the festive season in mind. The implementation date will be notified separately and that’s going to be a different issue.
Finally, this is a piece of positive information from the financial ministry, as this move was severely criticised by the wider section of the public.
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