Wire · operational-macro
UPI transactions decline 1.8% to 2407 crore in September
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Fusion42 · 1 October 2026 · Fusion42 review
UPI transactions in India declined 1.8% month-on-month to 2,407 crore in September 2026 with transaction value dropping 1.5%, though average daily transactions rose due to one fewer day in the month. A new merchant discount rate (MDR) framework will soon be implemented, charging certain high-value merchant UPI transactions but not consumers.
This Wire brief sits within Fusion42's coverage of Fintech, and 27 sources have reported it between 15 Sep 2026 and 5 Oct 2026.
◆ ◆ The Wire takeaway
New MDR charges for high-value UPI merchant transactions shift costs onto merchants, opening a door to fintechs that can help reduce fees or optimise payments. You should review how this impacts your merchant clients and explore alternative payment arrangements.
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27 sources · first reported 15 Sep 2026 · latest 5 Oct 2026
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