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Wire · regulatory

Government Proposes MDR on Select UPI Payments

4 August 2026 · By · Wire by Fusion42

Published

4 August 2026

Topic

regulatory

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at gktoday.in →

◆ Verified

Fusion42 · 4 August 2026 · Fusion42 review

The Indian government has proposed reintroducing a Merchant Discount Rate (MDR) on select Unified Payments Interface (UPI) and RuPay debit card digital transactions, mainly targeting large merchants, reversing the zero-MDR policy since 2020 to support digital payments infrastructure funding.

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 face rising payment costs if you serve large Indian merchants on UPI. This opens space for fintechs to create differentiated pricing or cost-absorbing models for smaller businesses still exempt from MDR.

◆ Coverage

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

◆ Related on Wire

◆ Topics

Fintechmerchant-discount-rateupidigital-paymentsindiaregulation