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New Delhi: While the parliament has passed the Taxation and Other Laws (Amendment) Bill, 2026, in the recently-concluded monsoon session that will allow a Merchant Discount Rate (MDR) charge to be levied on Unified Payments Interface (UPI) transactions, data shows that these transactions have been slowing in the last five years, with cash flow increasing in the same period.

Data from the Reserve Bank of India (RBI) shows the growth rate of cash with the public reached a high of about 17% in 2020-21 during the Covid-19 pandemic. While this figure reduced to about 4% till 2023-2024, it has since recorded an uptick, The........

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