PUBLISHED BY: GREATFUTURE INFO  ,New Delhi, September 15,    Sep 15, New Delhi:  The new Unified Payments Interface (UPI) framework introduced has no impact on any person to person transactions. UPI will continue to remain completely free for all person-to-person transactions, irrespective of the amount transferred. Payments to merchants up to Rupees 2,000, along with transactions covered under the zero-Merchant Discount Rate or MDR framework for small merchants, will also remain free. Consequently, approximately 96% of all P2M transactions will remain unaffected. MDR will apply only to specified merchant transactions above Rupees 2,000. It is clarified that MDR is neither a tax nor a charge collected by the Government or NPCI. It is distributed among payment ecosystem participants, including banks and payment application providers, to support the operation and continued expansion of the UPI ecosystem. According to the  circular  for person-to-person transa...

Published by: Greatfuture Info Aug 25, New Delhi:  A decade of tapping, scanning and paying with ease. Under Prime Minister Narendra Modi's vision for a Digital India, The Unified Payments Interface (UPI) has transformed digital payments into an everyday habit, making payments faster, simpler and more accessible for common people . What began as an innovative payment system has evolved into a global benchmark for fast, seamless and inclusive digital transactions. India's digital payments ecosystem has undergone a remarkable transformation over the past decade. It is driven by the vision of creating a simple and secure payment system accessible to every citizen. The Unified Payments Interface (UPI), developed by the National Payments Corporation of India (NPCI), has emerged as a cornerstone of India’s digital payments revolution. Today, UPI is accepted in 11 countries, with Greece and the Maldives being the latest to adopt India's real-time payment platform. Source:-PB-SHABD