Mumbai, March 24 -- The Payments Council of India (PCI), an industry body representing a diverse range of non-banking payment industry players, with 180 members, has submitted a formal letter to the Prime Minister Narendra Modi, seeking urgent reconsideration of the Zero Merchant Discount Rate (MDR) policy for Unified Payments Interface (UPI) and RuPay debit card transactions, according to a release.

The letter acknowledges the government's visionary leadership in promoting digital payments and financial inclusion, making India a global leader in digital transactions. It highlights the pressing financial sustainability concerns facing the digital payments ecosystem due to the continued Zero MDR policy, which has been in effect since Janu...