Govt responds to claims that US pressure led to 0.4% charge on UPI payments to shops

The Finance Ministry responded to claims that it was under US pressure that NPCI decided to levy a 0.4% MDR on UPI transactions made to shops and businesses, also called P2M payments. "This is false. India's UPI policy decisions are made independently, with the clear goal of building a self-sustaining, inclusive and affordable digital payments ecosystem," it said.