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Wire · operational-macro

India's RAI says UPI fees risk reversing digital payment gains

16 September 2026 · By · Wire by Fusion42

Published

16 September 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at fibre2fashion.com →

◆ Verified

Fusion42 · 16 September 2026 · Fusion42 review

The Retailers Association of India warns that reintroducing a 0.4% Merchant Discount Rate on UPI transactions above Rs 2,000 risks reversing digital payment adoption among small retailers by pushing them back to cash, which also harms GST reporting and the government's formalisation goals.

This Wire brief sits within Fusion42's coverage of Fintech.

◆ ◆ The Wire takeaway

The UPI fee forces you in payments fintech to rethink target segments as small retailers face higher costs and may switch back to cash, threatening your transaction volumes and formal market capture.

◆ Coverage

1 source · 16 Sep 2026

◆ Related on Wire

◆ Topics

FintechIndiaUPImerchant-discount-ratedigital-paymentsMSMEregulation