Mdr

UPI continues to grow strongly, volumes up 23% at 24.07 bn in September

Clocks highest daily avg volume of over 800 mn transactions

Two trade bodies meet FM, withdraw from No UPI Day protest on October 2

AICPDF and AIMRA have withdrawn from the October 2 protest after urging the government to defer the proposed UPI MDR and raise the threshold limit to ₹5 lakh

Mobile phone retailers to protest against UPI MDR charges on Oct 2

Mobile phone retailers across India plan to observe October 2 as "No UPI Day" in protest against 0.4 per cent merchant discount rate charges on UPI transactions, a senior official of industry body AIMRA said. The government has introduced a 0.4 per cent fee on UPI transfers exceeding Rs 2,000 to merchants from October 15, while exempting person-to-person transactions as well as small payments from any charges. "The All India Mobile Retailers Association (AIMRA) has called for a 'NO UPI DAY' on October 2, 2026, to highlight the concerns of mobile retailers regarding the 0.4 per cent Merchant Discount Rate (MDR) applicable to eligible merchant UPI transactions," AIMRA Vice President and President for Delhi NCR region, Tarvinder Singh, said in a statement. He said retailers will symbolically cover UPI QR Codes with black cloth and refrain from accepting UPI payments on Gandhi Jayanti. According to a representation sent to Finance Minister Nirmala Sitharaman by AIMRA, the move to impos

SC to hear plea against MDR on UPI merchant payments above ₹2,000 on Monday

The Supreme Court will on Monday hear a plea challenging the Centre's decision to impose a Merchant Discount Rate (MDR) on specified UPI person-to-merchant transactions of over Rs 2,000. Ending nearly six years of fully free UPI payments, the government has introduced a 0.4 per cent fee on transfers worth over Rs 2,000 made to merchants through the UPI platform from October 15 while explicitly ring-fencing everyday person-to-person transactions and small payments from any charge. The MDR will be capped at Rs 300 for payments of Rs 75,000 and above. Essential and thin-margin sectors -- railways, telecom, insurance, fuel and agricultural inputs -- will pay a flat MDR of Rs 5 per transaction above Rs 2,000. Payments into mutual funds, securities and through stockbrokers and dealers will attract 0.02 per cent MDR, also capped at Rs 300. Person-to-person (P2P) transfers -- which make up 37 per cent of UPI's transaction volume and 70 per cent of its transaction value -- will continue to

UPI MDR decision purely professional, no external pressure: FM Sitharaman

Finance Minister Nirmala Sitharaman has rejected as "absolutely baseless" allegations by the Opposition that the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on specified UPI transactions above Rs 2,000 was taken under external pressure, saying it was a professional decision by the payment ecosystem. Talking to PTI, Sitharaman said the decision was completely professional, and it was taken jointly by the National Payments Corporation of India (NPCI), payment banks and merchant banks, and not imposed by the government. She rubbished the Opposition's allegations that the government had yielded to foreign pressure, saying the MDR was not a tax and would not accrue to the government. "Absolutely baseless. And I totally deny it," she said when asked about Opposition allegations that the decision on Unified Payments Interface (UPI) MDR was taken under external pressure, particularly from the US. The Finance Minister said the Opposition was "searching for issues" and makin

UPI MDR is not a tax, won't mean extra cost for customers: FM Sitharaman

Finance Minister Nirmala Sitharaman has said the charge on specified merchant transactions above ₹2,000 will be borne within the payments ecosystem, while UPI payments by customers will remain free

MDR on UPI payments: What customers, merchants need to know from Oct 15

From October 15, MDR will apply to certain UPI payments above ₹2,000 made to large merchants, while customers and eligible small vendors will continue to pay no fee

Fintechs race to expand merchant networks as MDR returns to UPI payments

PhonePe, Paytm, Pine Labs and MobiKwik are stepping up merchant acquisition and device deployment as UPI MDR returns and NPCI plans a Rs 3,000-crore fund

Datanomics: PSBs lead among UPI senders, private banks top receivers

Proposed UPI MDR will give remitter banks the largest revenue share, while private banks dominate the merchant-side transactions

Trade bodies call for 'No UPI Day' on October 2 to protest MDR levy

Business associations plan a No UPI Day on October 2 to protest the 0.4 per cent merchant discount rate set to apply to UPI merchant payments above Rs 2,000 from October 15

SBI expects new UPI merchant fee to cover costs and yield a small surplus

An SBI official says the UPI merchant discount rate could cover the bank's transaction costs and leave a small surplus, while merchants may split payments to avoid the fee

All about political capital

A fee on UPI transactions is economically logical, but it reflects the govt's evolving approach to one of its key political constituencies

98% transactions to remain unaffected by MDR on UPI: HDFC Securities

Platinum Jasmine A 2018 Trust sold 2 per cent stake in Lenskart Solutions through a block deal on Monday, worth about ₹2,391 crore

Let's not fritter away UPI gains

The benefits of keeping it free far outweigh the costs

UPI MDR: These stocks could be the winners | New UPI charges | Digital payments

NPCI’s new 0.4% MDR on select UPI merchant payments opens up a new revenue pool for payment companies. Here’s what brokerages estimate for Paytm and Pine Labs.

UPI pads up at the crease: From free play to revenue with new MDR regime

The payments system is set to get a big leg-up with the pricing on UPI

MDR unlikely to trigger shift back to cash: RBI Deputy Governor S C Murmu

RBI Deputy Governor S C Murmu says MDR will help the payments ecosystem recover costs, while cash continues to retain a significant role as a store of value

MDR reset: Flat ₹5 UPI fee on the table for capital-market transactions

Proposal needs Sebi representation, followed by RBI, govt nod

Small retailers may pass on 0.4% UPI MDR, shift to bank transfers

Industry bodies say small retailers could seek to avoid the 0.4 per cent UPI MDR by shifting to bank transfers, splitting transactions or passing on the cost

Who pays for UPI? | MDR | UPI charges | BRICS | West Asia | Tata Sons | Macro Matters Ep 8

In this episode of Macro Matters, Ankur Bhardwaj speaks with A K Bhattacharya, Archis Mohan and Sanjeeb Mukherjee on UPI charges, Tata’s succession question, an expanded BRICS and how the West Asia.