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Wire · operational-macro

Who Bears The Cost Of UPI Payments? The MDR Debate Explained

7 August 2026 · By · Wire by Fusion42

Published

7 August 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at ndtvprofit.com →

◆ Verified

Fusion42 · 7 August 2026 · Fusion42 review

India is considering introducing a Merchant Discount Rate (MDR) fee on UPI person-to-merchant transactions for the first time since the zero-MDR policy began in 2020, following a parliamentary report and legislative changes that would allow the RBI to set the fee structure.

This Wire brief sits within Fusion42's coverage of Fintech, and 40 sources have reported it between 19 Jul 2026 and 22 Aug 2026.

◆ ◆ The Wire takeaway

You face a new revenue landscape as India moves to charge merchants for UPI transactions after six years of zero fees. Prepare for shifts in merchant partnerships and pricing models as payment platforms start earning direct fees.

◆ Coverage

40 sources · first reported 19 Jul 2026 · latest 22 Aug 2026

◆ Related on Wire

◆ Topics

Fintechupipaymentsmdrindiafintechregulation