What is the new Merchant Discount Rate(MDR) for transactions above Rs 2,000 in BHIM UPI (Unified Payment Interface) transactions?
[A].
0.65%
[B].
0.50%
[C].
0.75%
[D].
0.30%
Answer: Option A
Explanation:
National Payments Corporation of India (NPCI) has waived merchant fees for offline UPI transactions of up to Rs 100 made using QR(Quick Response) code scan-and-pay. For the large transactions, merchant fees have been capped at Rs 100. ii. For other transactions, the merchant discount rate (MDR) has been hiked to 0.30% (maximum Rs 100). Currently, it is 0.25% for transactions up to Rs 2,000. It will be 0.65% for transactions above Rs 2,000. The revised MDR rates will come into effect from October 1, 2019.
