The Cost of Convenience: India's UPI Dilemma The Reserve Bank of India (RBI) governor, Sanjay Malhotra, recently downplayed the impact of a proposed Merchant Discount Rate (MDR) on Unified Payments Interface (UPI) transactions above Rs 2,000.
However, his cautious remarks only raised more questions about the true cost of India's digital payment revolution.
India's push for a cashless economy has been hailed as one of its most significant achievements in recent years. UPI transactions have surged to 23. 7 billion in July, with a total value of Rs 29. 9 lakh crore.