Rewind: UPI gets a price, and a pause

India has deferred the implementation of a 0.4% Merchant Discount Rate (MDR) on higher-value UPI transactions until after Diwali. The fee targets transactions above Rs 2,000, affecting about 4% of merchant transactions but covering up to 70% of transaction value, aiming to fund the payment system's sustainability without charging consumers directly.

This Wire brief sits within Fusion42's coverage of Fintech, and 44 sources have reported it between 15 Sep 2026 and 17 Oct 2026.