In line with the RBI direction, there will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs ______.

Solution

There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction. Nil Merchant Discount Rate (MDR) would apply for this category up to the transaction amount less than and equal to Rs 2,000, it noted. MDR is the cost paid by a merchant to a bank for accepting payment from their customers via credit or debit cards every time a card is used for payments in their stores. The merchant discount rate is expressed in the percentage of the transaction amount. National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA). NPCI Headquarters: Mumbai MD & CEO: Dilip Asbe Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.