Wire · operational-macro
Finance Ministry rejects US pressure charge over UPI fees, says RuPay retains exclusive ...
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Fusion42 · 18 September 2026 · Fusion42 review
India's Finance Ministry denies US pressure in introducing a 0.4% Merchant Discount Rate on select UPI payments while maintaining RuPay's exclusive credit card access on UPI to support smaller domestic payment players. The MDR applies to person-to-merchant payments above Rs 2,000 from October 15 with exemptions for essential services and small merchants.
This Wire brief sits within Fusion42's coverage of Fintech, and 45 sources have reported it between 19 Jul 2026 and 5 Oct 2026.
◆ ◆ The Wire takeaway
Your payment startup must now factor a new MDR charge on larger UPI merchant payments which could reshape merchant acquisition costs. Smaller UPI payment providers can use the MDR revenue model to grow, but foreign card networks remain locked out of UPI credit access.
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45 sources · first reported 19 Jul 2026 · latest 5 Oct 2026
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