Wire · operational-macro
UPI MDR: Finance Ministry Denies US Pressure Claims, Says Foreign Credit Cards Get No ...
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Fusion42 · 19 September 2026 · Fusion42 review
India's Finance Ministry denies US pressure influenced the introduction of a 0.4% Merchant Discount Rate (MDR) on select UPI transactions, affirming that only RuPay credit cards are allowed on UPI for credit transactions. The MDR aims to sustain the UPI ecosystem, support smaller domestic payment companies, and maintain free small-value transactions.
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 new regulatory cost on UPI transactions above Rs 2,000 that shifts revenue towards RuPay and domestic players, opening a door to rethink your payment partnerships or pricing strategies in India.
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27 sources · first reported 15 Sep 2026 · latest 5 Oct 2026
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