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Wire · operational-macro

MDR a small fee, will not have major impact on UPI volumes: RBI Governor Sanjay Malhotra

7 October 2026 · By · Wire by Fusion42

Published

7 October 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at deccanherald.com →

◆ Verified

Fusion42 · 7 October 2026 · Fusion42 review

RBI Governor Sanjay Malhotra stated that the introduction of a small Merchant Discount Rate (MDR) fee of 0.4% on UPI transactions above Rs 2,000 is unlikely to significantly affect UPI transaction volumes.

This Wire brief sits within Fusion42's coverage of Fintech, and 44 sources have reported it between 19 Jul 2026 and 7 Oct 2026.

◆ ◆ The Wire takeaway

You can expect UPI transaction volumes to stay robust despite the new small MDR fee, so focus on merchant and consumer experience rather than volume risk. This shift opens a revenue model opportunity while maintaining market scale.

◆ Coverage

44 sources · first reported 19 Jul 2026 · latest 7 Oct 2026

◆ Related on Wire

◆ Topics

Fintechupimdrpaymentsrbiindiafintech-regulation