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Digital payments sector wants MDR to be back

January 24, 2022

Digital payments sector wants MDR to be back

The digital payment sector is seeking reintroduction of MDR (merchant discount rate) charges in the union budget as the absence of it is crippling the homegrown payment service providers while international companies benefit from levying those charges.

The Payments Council of India, the industry body for digital payments ecosystem in the nation, has written to the government urging it to roll back the zero MDR regime for UPI and RuPay debit card transactions.

PCI in its request to the ministry of finance suggested either reinstating the MDR charges or incentivizing the industry with an amount of ₹4,000cr. The payment industry expects to have some relief which can then be used by them to further expand the digital payments infrastructure, it said.

The industry anticipates a loss of ₹5,500cr on account of this zero MDR regime.

PCI said, “With Zero MDR, the government has taken away the ability of the payment service providers to invest in and maintain the financial framework they have built”.

PCI Chairman Vishwas Patel said, “We request government to consider a roll back of the zero MDR, with a view to broaden and significantly grow the merchant acceptance base particularly in the MSME space”.

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BusinessCurrent AffairsDigital Marketingdigital paymentindustry

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