Wire · operational-macro
No US pressure in UPI MDR decision; NPCI circular offers no advantage to foreign credit cards
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Fusion42 · 19 September 2026 · Fusion42 review
India's Finance Ministry confirmed that the new NPCI guidelines restrict UPI credit transactions to RuPay credit cards only, dismissing claims of US pressure in imposing a 0.4% Merchant Discount Rate on high-value UPI payments to support domestic digital payment providers.
This Wire brief sits within Fusion42's coverage of Fintech.
◆ ◆ The Wire takeaway
You face a regulatory environment that favours RuPay cards exclusively on UPI credit transactions, sealing out foreign credit cards and creating a safer market for domestic payment startups to compete with a new revenue model. This means you must rethink international card integration and target RuPay-based partnerships immediately.
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1 source · 18 Sep 2026
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