The Bill opens the door to selective UPI MDR, but leaves the operating details undecided. Here are six questions the final framework will need to answer before any charge takes effect
UPI payments are free for merchants, while card transactions carry MDR. Here's why the two digital payment systems have different costs and how a possible UPI charge could work
UPI remains free for consumers and merchants, but the cost of running India's digital payment infrastructure has revived the debate over MDR, subsidies and platform fees
Small merchants have driven UPI's mass adoption. Here's why defining who qualifies as a small merchant matters as the government creates a framework for potential MDR
The government has not notified ₹2,000 as an MDR threshold, but the existing incentive framework and transaction data explain why the number dominates the debate
Today's columns examine the case for keeping UPI free, Punjab's shifting political landscape, General A S Vaidya's forgotten legacy and the rise of founders as brand ambassadors.
India’s UPI network has grown from just 373 transactions in its first month to more than 23 billion transactions in a single month. But as the system scales, a bigger question is emerging.
Cred and PhonePe raised $1 billion each during the five-year period, while Pine Labs, Razorpay and BharatPe were among the other major recipients of equity funding
The fintech expects at least 5 million users to get onboarded on the platform to access products like credit line on UPI or credit cards on UPI over the next five years, said Sumeet Basrani
The debate over UPI pricing is shifting as zero-MDR strains the ecosystem, raising questions over who should bear costs and whether a calibrated MDR can sustain digital public infrastructure
"No MDR framework has yet been finalised," Sitharaman said. She added that consumers would continue to make instant digital payments through UPI without paying a transaction charge
NPCI plans to use the country's vast diaspora to drive global expansion, while also exploring AI-enabled payments through platforms like ChatGPT and Gemini
Apple Pay is set to launch in India by October, initially supporting Visa and Mastercard credit cards but not UPI, as Apple negotiates transaction fees with banks
The Ministry of Finance said UPI users will continue to pay no transaction charges, while a possible MDR could apply only to select merchant transactions above a threshold.
