Explanation:

• 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 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.