<p>New Delhi: The finance ministry has said no Merchant Discount Rate (MDR) will be levied on transactions through Unified Payments Interface platforms.</p>.<p>"Speculation and claims that the MDR will be charged on UPI transactions are completely false, baseless, and misleading," the ministry said in a post on X on Wednesday.</p>.<p>"Such baseless and sensation-creating speculations cause needless uncertainty, fear and suspicion among our citizens. The Government remains fully committed to promoting digital payments via UPI," it said.</p>.<p>MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.</p>.<p>The ministry's clarification came following some reports that the government is planning to impose MDR on large-ticket <a href="https://www.deccanherald.com/tags/upi">UPI </a>transactions.</p>.<p>Meanwhile, transactions through UPI touched a record high of Rs 25.14 lakh crore in May, recording a growth of 5 per cent over the preceding month, according to data released by the National Payments Corporation of India (NPCI).</p>.<p>The UPI transactions value was Rs 23.94 lakh crore in April.</p>.<p>In terms of volume, 1,867.7 crore transactions were done in May against 1,789.3 crore in the previous month.</p>.<p>NPCI said the value of the transactions last month was 23 per cent higher as compared to Rs 20.44 lakh crore in the year-ago period.</p>
<p>New Delhi: The finance ministry has said no Merchant Discount Rate (MDR) will be levied on transactions through Unified Payments Interface platforms.</p>.<p>"Speculation and claims that the MDR will be charged on UPI transactions are completely false, baseless, and misleading," the ministry said in a post on X on Wednesday.</p>.<p>"Such baseless and sensation-creating speculations cause needless uncertainty, fear and suspicion among our citizens. The Government remains fully committed to promoting digital payments via UPI," it said.</p>.<p>MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.</p>.<p>The ministry's clarification came following some reports that the government is planning to impose MDR on large-ticket <a href="https://www.deccanherald.com/tags/upi">UPI </a>transactions.</p>.<p>Meanwhile, transactions through UPI touched a record high of Rs 25.14 lakh crore in May, recording a growth of 5 per cent over the preceding month, according to data released by the National Payments Corporation of India (NPCI).</p>.<p>The UPI transactions value was Rs 23.94 lakh crore in April.</p>.<p>In terms of volume, 1,867.7 crore transactions were done in May against 1,789.3 crore in the previous month.</p>.<p>NPCI said the value of the transactions last month was 23 per cent higher as compared to Rs 20.44 lakh crore in the year-ago period.</p>