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RBI issued a discussion paper on charges for UPI and other payment systems

On Wednesday, the Reserve Bank of India (RBI) published a discussion paper titled “Charges in Payment Systems.” By October 3, 2022, the central bank has asked for public comments on the paper.

The RBI wants to make sure that India has “state-of-the-art” payment and settlement systems that are efficient, quick, and economical in addition to being safe and secure. The RBI acknowledged that offering digital payment services involves expenses, including switching fees and interchange fees, that one or more payment system participants must incur in its Payments Vision 2025, which intends to develop India’s e-payments ecosystem. Either the merchant is charged a merchant discount rate (MDR) or the customer is charged customer charges for the expense.

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