As of October 11, 2026, it was still unclear whether India’s proposed UPI merchant discount rate (MDR) would take effect on October 15. The Steering Committee meeting scheduled for October 9 did not take place, and reports said no replacement meeting or final decision date had been confirmed. A January 2027 start was being discussed, but had not been adopted.
What happened to the October 9 meeting?
Moneycontrol reported that the UPI Steering Committee’s October 9 meeting was called off. It said there was no confirmed date for a replacement meeting or a decision. Free Press Journal reported on October 10 that NPCI had not confirmed whether the October 15 start would proceed. Those reports leave the announced start date uncertain; they do not establish that it has been formally postponed. (Moneycontrol, October 2026; Free Press Journal, October 10, 2026)
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Business Standard reported on October 8, citing people familiar with the discussions, that officials were considering January 1, 2027, as a possible start date. It also reported discussion of raising the small-business exemption threshold to annual turnover of up to ₹40 lakh. Both are proposals attributed to unnamed sources, not confirmed policy. (Business Standard, October 8, 2026)
What are the announced MDR terms?
The Ministry of Finance’s September 15, 2026 release describes a framework with different treatment by transaction type, amount, merchant status and sector. The table reflects those announced terms, not a confirmed live start date. (Ministry of Finance, September 15, 2026)
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| Transaction or merchant category | Announced MDR treatment |
|---|---|
| Person-to-person (P2P) UPI transfers | Zero MDR, regardless of amount. |
| Person-to-merchant (P2M) payments of ₹2,000 or less | Zero MDR. |
| Qualifying small merchants in the P2PM category, receiving up to ₹1 lakh per month through UPI QR codes | Zero MDR on all transactions under the described exemption. |
| Specified P2M payments above ₹2,000 | 0.4% MDR, capped at ₹300 for transactions of ₹75,000 and above. |
| Payments above ₹2,000 in listed essential and thin-margin sectors—railways, telecommunications, insurance, fuel and agricultural inputs | Flat ₹5 MDR. |
| Payments related to mutual funds, securities, stockbrokers and dealers | 0.02% MDR, capped at ₹300. |
The framework is not a blanket fee on all UPI payments. For example, a P2P transfer remains outside it, while a merchant payment depends on its amount, the merchant’s qualifying status and the applicable sector category.
Who pays MDR, and will UPI users be charged?
The Ministry describes MDR as a charge within the merchant payment ecosystem, distributed among participants such as banks, payment service providers and UPI application providers. It says MDR is not a government or NPCI tax or charge, and that it is not a charge on customers making UPI payments. The Ministry also says banks have been advised to prevent merchants from passing MDR to customers and that UPI app providers may not impose platform or hidden charges. These are the stated safeguards; they do not independently verify compliance in every transaction.
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The Ministry’s September release estimated that about 96% of P2M transactions would remain unaffected and about 4% of merchant transactions would attract MDR. It also said P2P transactions, representing 70% of total transaction value, would remain outside the framework. These are government estimates, not independently verified forecasts. (Ministry of Finance, September 15, 2026)
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The government’s stated rationale is that MDR revenue could help sustain and expand UPI payment infrastructure, while exemptions protect individuals and small merchants. The earlier August 8 Ministry statement said the NPCI-headed UPI and Services Steering Committee would decide on MDR, if any, after the relevant bill passed. The September release subsequently described the framework’s rates and exemptions. (Ministry of Finance, August 8, 2026; Ministry of Finance, September 15, 2026)
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Moneycontrol reported that merchant bodies, fintechs and payments companies sought a delay. Their reported concerns included consumer sentiment during the festive season, uncertainty over how categories and rates would apply, and the risk of higher business costs or cost pass-through. These are objections and possible effects raised by those groups, not established outcomes. (Moneycontrol, October 2026)
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What should merchants and customers do now?
- Customers: The announced framework says P2P transfers and P2M payments up to ₹2,000 have zero MDR, and the Ministry says MDR is not a customer charge. If a merchant presents a separate fee, ask what it is for rather than assuming it is an MDR authorized under this framework.
- Merchants: Check whether the payment type, amount, sector and any P2PM exemption apply to your business before estimating a cost. The reported ₹40 lakh annual-turnover exemption is not a confirmed change to the announced eligibility terms.
- Everyone: Treat October 15 as an announced date whose implementation was unconfirmed in reporting available on October 11—not as proof the framework had started or been postponed. A later official notice could change the status.
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