Wire · operational-macro
UPI volume dips 1.8% in September ahead of MDR rollout on October 15
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Fusion42 · 1 October 2026 · Fusion42 review
UPI transaction volumes grew 23% year-on-year to 24.07 billion in September 2026, with transaction value increasing 18%. Month-on-month volumes dipped 1.8% due to fewer days in September and ahead of the rollout of a new merchant discount rate (MDR) on October 15, which will charge fees on select peer-to-merchant transactions above Rs 2,000.
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 on peer-to-merchant UPI payments changes your cost structure from October 15. If you serve merchants or fintechs, start revising pricing or exploring offerings to help clients absorb or pass on these fees.
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27 sources · first reported 15 Sep 2026 · latest 5 Oct 2026
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