FM Abolished the MDR charges on payment via RuPay, UPI from Jan 1 2020

Finance Minister Nirmala Sitharaman announced that no MDR charges will be applicable on transactions/ payments done via RuPay and UPI (Unified Payments Interface) platforms beginning January 1, 2020.
The step will be taken to promote digital payments in the Country.
All companies with a turnover of Rs 50 crore or more will be mandated by Department of Revenue to provide the facility of payment through RuPay Debit card and UPI QR code to their customers.
All banks will also start a campaign to popularise RuPay Debit card and UPI in order to strengthen the digital payments.
MDR(Merchant Discount Rate) is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The MDR is expressed in percentage of the transaction amount.