Wire · operational-macro
UPI usage holds steady in September despite backlash over new MDR norms
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Fusion42 · 30 September 2026 · Fusion42 review
UPI transactions in India remained steady in September 2026 despite merchant discount rate (MDR) fees introduced mid-month, processing an average of 802 million daily transactions, a 1% increase from August, with transaction value also rising slightly.
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
UPI transaction fees have started but usage is steady, so if you build fintech services relying on UPI volume, pricing pressures are real but customer habits remain locked in. This opens a revenue stream but warns you to prepare for merchant resistance as charges kick in next month.
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27 sources · first reported 15 Sep 2026 · latest 5 Oct 2026
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