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

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The Reserve Bank of India (RBI) issued a discussion paper on “Charges in Payment Systems” on Wednesday. The central bank has requested public feedback on the paper until October 3, 2022.

The RBI’s goal with the paper is to ensure that India has ‘state-of-the-art’ payment and settlement systems that are not only safe and secure, but also efficient, fast, and affordable. The RBI stated in its Payments Vision 2025, which aims to strengthen India’s e-payments ecosystem, that providing digital payment services entails costs such as switching fees and interchange fees, among others, that one or more payment system participants must bear.The cost is either passed on to the merchant as a merchant discount rate (MDR) or to the customer as customer charges

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

The Reserve Bank of India (RBI) issued a discussion paper on “Charges in Payment Systems” on Wednesday. The central bank has requested public feedback on the paper until October 3, 2022.

The RBI’s goal with the paper is to ensure that India has ‘state-of-the-art’ payment and settlement systems that are not only safe and secure, but also efficient, fast, and affordable. The RBI stated in its Payments Vision 2025, which aims to strengthen India’s e-payments ecosystem, that providing digital payment services entails costs such as switching fees and interchange fees, among others, that one or more payment system participants must bear.The cost is either passed on to the merchant as a merchant discount rate (MDR) or to the customer as customer charges

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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