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Wire · operational-macro

UPI Crosses 24 Billion Transactions In September Despite 1.8% Monthly Dip

1 October 2026 · By · Wire by Fusion42

Published

1 October 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at news.abplive.com →

◆ Verified

Fusion42 · 2 October 2026 · Fusion42 review

UPI crossed 24 billion transactions in September despite a 1.8% monthly decline, with transaction value growing 18% year-on-year. A tiered Merchant Discount Rate (MDR) framework is proposed from October 15, introducing fees on higher-value person-to-merchant transactions while keeping small and everyday payments free.

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

The introduction of MDR creates a price barrier on higher-value digital payments but leaves small payments free, pressuring founders offering payment services to adjust pricing and merchant onboarding strategies quickly.

◆ Coverage

27 sources · first reported 15 Sep 2026 · latest 5 Oct 2026

◆ Topics

Fintechupidigital-paymentsmdrnpcindiafintech-regulation