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The Latest Breaking News from UPI

UPI MDR a welcome move, will help support infra for growing digital payments: Mohandas Pai

The central government's decision regarding MDR and UPI is a welcome move that will help fund the infrastructure needed to support rapidly growing digital payment volumes, former Chief Financial Officer and Board Member of Infosys Mohandas Pai has said, noting that nearly 96% of UPI transactions would remain unaffected.

The Economic Times

Why In-Solutions Global believes trust and compliance will define the agentic commerce era

AI-driven agentic commerce is set to revolutionize payment processes, emphasizing trust and compliance. As consumers gain enhanced autonomy, they will bear greater responsibility in this evolving landscape. In-Solutions Global highlights the importance of establishing sturdy guardrails for safety. With its strategic initiatives, the company aims to spearhead this significant change,…

The Economic Times

Delhi traders plan cash payments push to avoid fee on UPI payments

Traders will now encourage cash payments to avoid new UPI transaction fees. A 0.4 percent charge applies to UPI transactions exceeding two thousand rupees. This new fee impacts merchants operating on already tight profit margins. Small merchants earning under one lakh rupees monthly remain exempt from this charge. The government…

The Economic Times

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Prime Minister has decided to prostrate before Trump: Rahul Gandhi on 'UPI tax'

Rahul Gandhi alleged Prime Minister Narendra Modi would appease US President Donald Trump. He demanded a rollback of the government's decision to levy a fee on UPI payments. The government introduced a fee on transfers exceeding two thousand rupees to merchants. This fee will be effective from October fifteenth, impacting…

The Economic Times

From UPI to cash? Retailers warn new MDR could hit small merchants ahead of festive season

Retailers Association of India warns new UPI fees could reverse digital payment gains. Small merchants may shift transactions back to cash, impacting government formalisation efforts. The association argues UPI debit transactions should not incur merchant discount rates. They propose the government should underwrite UPI network costs instead.

The Economic Times

UPI MDR Explained: 5 Things Users Must Know Now

A new UPI rule has raised one big question among users: Will paying through UPI now cost extra? The answer is not as alarming as the headlines may suggest. From October 15, 2026, a new Merchant Discount Rate, or MDR, will apply to specified merchant transactions above ₹2,000. But there…

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Zerodha's Nithin Kamath warns equity deliveries will no longer stay free due to MDR on UPI, says brokers cannot absorb the additional cost forever

Zerodha founder Nithin Kamath has said the proposed Merchant Discount Rate (MDR) on UPI transactions could end free equity delivery trades, warning that brokers cannot keep absorbing a charge that applies to every transfer regardless of whether a trade happens.

The Economic Times

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Explainer -- India's UPI MDR shake-up: What changes and why it matters

India will soon introduce a merchant discount rate on UPI payments. This fee applies to transactions exceeding two thousand rupees with merchants. Some small merchants and rural areas will be excluded from this new charge. This move aims to make the UPI system more self-sustainable and expand its reach. Consumers…

The Economic Times

Nithin Kamath says new UPI charges on investing, broking don’t make sense: 'I don't see how we can absorb this indefinitely'

Zerodha CEO Nithin Kamath said the new UPI MDR framework may not make economic sense for investing and broking, where customers can transfer funds without trading. He said brokers may struggle to absorb the costs indefinitely, particularly under quarterly settlement rules, and suggested a lower MDR with a transaction-level cap.

The Economic Times

UPI MDR explained for investors: How will new charges impact your mutual fund SIPs and stock investments?

From October 15, MDR will apply to select UPI person-to-merchant payments above Rs 2,000, but not to all such transactions. UPI AutoPay and mandates will be treated separately, while mutual funds and capital-market payments will attract a lower MDR. Importantly, the charge will be borne by merchants, not customers, raising…

The Economic Times

Proposed UPI MDR structure doesn't make sense for broking, could raise costs: Nithin Kamath

The proposed Merchant Discount Rate (MDR) on UPI transactions could create significant costs for stockbrokers even when customers do not execute trades, Zerodha co-founder Nithin Kamath said, calling for a lower transaction charge with a smaller cap for the broking industry.

The Economic Times

UPI MDR bonanza: Why Paytm may win bigger, but Pine Labs could gain faster

Paytm and Pine Labs stand to benefit from the new UPI MDR framework, but the impact could differ sharply. Paytm has a larger absolute revenue opportunity, with analysts estimating FY28 UPI MDR revenue of up to Rs 1,160 crore, while Pine Labs could see a bigger impact on earnings and…

The Economic Times

Paytm wins, but ATM also wins! Why CMS Info Systems shares jumped 7% on UPI MDR

CMS Info Systems shares rose on Wednesday after the government announced MDR on select UPI transactions above Rs 2,000, making the company a potential direct beneficiary. From October 15, merchants will pay 0.4% MDR on eligible P2M UPI transactions, capped at Rs 300 for payments of Rs 75,000 or more.

The Economic Times

'Narendra's Ongoing Trump Appeasement': Congress' dig at Prime Minister on UPI move

Congress criticises the government for introducing charges on UPI transactions for merchants. This move is seen as appeasing United States demands and impacting local competition. The government stated that consumers will not face any charges for UPI payments. This policy change signals a significant shift for the UPI payment system.…

The Economic Times

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The Economic Times

Paytm shares jump 7% as Jefferies, other brokerages raise target prices and earnings estimates after new UPI charges

Paytm shares surged over 7% after brokerages raised target prices following the introduction of MDR on select UPI transactions above Rs 2,000. Jefferies, JM Financial and Emkay Global retained Buy ratings on the stock.

The Economic Times

Paytm, MobiKwik, Pine Labs shares rally up to 6% after govt announces UPI fees above Rs 2,000. Why brokerages are bullish

Paytm, MobiKwik and Pine Labs are likely to remain in focus after the government announced MDR on select UPI transactions above Rs 2,000. From October 15, merchants will pay a 0.4% fee on eligible P2M UPI transactions, capped at Rs 300 for payments of Rs 75,000 or more.

The Economic Times

UPI charges from October 15; Activate’s maiden fund

Happy Wednesday! The NPCI has announced charges on select UPI merchant payments. This and more in today's ETtech Morning Dispatch.

The Economic Times

UPI charges from October 15: FAQs on who will pay 0.4% MDR and what consumers, small vendors & large merchants need to know

UPI Payment: UPI transactions up to Rs 2,000 will remain free for all users. A new Merchant Discount Rate (MDR) will apply to specified merchant payments above Rs 2,000. The revised framework aims to support investment in UPI infrastructure, innovation and cybersecurity. Most person-to-merchant (P2M) transactions will remain unaffected by…

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The Economic Times

UPI transactions above Rs 2,000 to attract 0.4% MDR; check key details

NPCI will introduce a Merchant Discount Rate on select P2M UPI transactions starting October 15. Merchants will pay 0.4% on transactions exceeding Rs 2,000, with a cap. This move aims to create a sustainable commercial model for the UPI ecosystem. Most everyday UPI payments up to Rs 2,000 will remain…

The Economic Times

Credit for the next 50 crore: How PhonePe’s new co-branded cards target India’s underserved

At GFF 2026, PhonePe unveiled a suite of co-branded credit cards with HDFC Bank and SBI, plus the Wishcard for consumers with limited or no credit history. The products build on UPI-era behaviour to tap into formal credit, aiming to bring rewards, flexibility and credit-history building to Gen Z, homemakers,…

The Economic Times

NPCI announces MDR for UPI; merchant transactions above Rs 2,000 to attract 0.4% charge

While NPCI has not specified a threshold based on the size of a merchant’s turnover, it said in its announcement that vendors operating under the person-to-person merchant (P2PM) category will “enjoy a mandatory zero MDR”. Merchants in this category, typically small shopkeepers, street vendors and local businesses, are classified as…

The Economic Times

No smartphone, no internet? PhonePe brings UPI to 220 million feature-phone users

At the Global Fintech Fest 2026 in Mumbai, PhonePe announced UPI 123Pay support for its app on feature phones, taking the SMS-based, internet-free payments stack pre-loaded on HMD, Nokia, Lava and itel handsets to 200 million-plus Indians still on basic phones.

The Economic Times

UPI charge is just tax collection: Ashneer Grover calls out government wanting to charge on payments above Rs 2,000 while banks are making crores in profits

Ashneer Grover has called any charge on UPI transactions above Rs 2,000 plain tax collection, days after the government exempted only smaller payments from bank charges and cleared a legal path for a Merchant Discount Rate on larger UPI transactions.

The Economic Times

Stage being set for levying UPI transaction fee: Cong slams govt

Congress criticizes the government's UPI transaction notification. The party claims this move sets a stage for future user fees. This notification prohibits charges on UPI transactions up to two thousand rupees. However, it leaves transactions above this cap unspecified for merchants. The government states charges are needed for system upgrades…

The Economic Times

India consults banks, payment firms on fees for large UPI payments, sources say

India's payments authority is discussing charges on large UPI transactions. This follows a recent change in law allowing fees on payments over 2,000 rupees. Regulators are leaning towards a 0.4% charge for merchant transactions. Person-to-person payments will continue to remain free for users. This move is expected to generate significant…

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