Wire · operational-macro
Why UPI MDR Risks Cash Comeback-Ex-NITI Aayog VC Rajiv Kumar Explains
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Fusion42 · 21 September 2026 · Fusion42 review
Former NITI Aayog Vice Chairman Rajiv Kumar warns that introducing Merchant Discount Rate (MDR) fees on UPI payments above Rs 2000 may push merchants to prefer cash, risking a setback to the digital payments ecosystem in India.
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
You face a rising risk that merchants may push customers back to cash due to MDR fees on higher-value UPI transactions. Prepare for possible friction in scaling digital payments among merchants who see fees as costs to avoid.
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27 sources · first reported 15 Sep 2026 · latest 5 Oct 2026
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