Wire · opportunities
RuPay-on-UPI Transactions Cross 750 Million, But Profits Lag
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Fusion42 · 27 July 2026 · Fusion42 review
RuPay credit cards on UPI crossed 750 million transactions worth ₹63,826 crore between April-October 2024-25, but zero Merchant Discount Rate policy on transactions under ₹2,000 is eroding bank margins despite strong adoption.
This Wire brief sits within Fusion42's coverage of Fintech. Wire is Fusion42's founder-focused intelligence feed: each story is connected to the funds and startups it names — every one with a live profile on Raise or Scout — so founders can follow the capital and the momentum behind the headline rather than just the headline itself. Wire analysis is one of the live surfaces Arthur reasons over.
◆ ◆ The Wire takeaway
If you're building credit products or lending in India, the unit economics of UPI-linked credit are broken by design—banks are betting on cross-sell to personal loans and insurance to survive. Your wedge into that customer base is now cheaper than ever, but so is everyone else's.
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