UPI Value Could Fall 10%, Volumes 4% After MDR Rollout: Survey

The introduction of a 0.4% merchant discount rate (MDR) on UPI payments above Rs 2,000 in India is expected to reduce UPI transaction value by about 10% and transaction volume by 4%, prompting users to shift higher-value payments to cash, cards, or bank transfers.

This Wire brief sits within Fusion42's coverage of Fintech, and 45 sources have reported it between 19 Jul 2026 and 5 Oct 2026.