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No confirmed deferral of the announced UPI merchant discount rate (MDR) appears in the cited reports. A separate report said incentives for low-value UPI payments were likely to continue beyond October 15, 2026. That is not the same as postponing MDR on eligible higher-value merchant payments. CAMIT president Dr. Dipen Agrawal urged the Finance Minister to retain zero MDR for merchant transactions, particularly for traders and MSMEs, or provide another way to compensate banks and payment service providers.
Has UPI MDR been deferred?
Not according to the announcements and reports cited here. The Ministry of Finance’s September 15, 2026 release described an MDR framework for specified merchant transactions above ₹2,000. On September 24, Moneycontrol reported, citing finance ministry sources, that incentives for transactions below ₹2,000 were likely to continue beyond October 15. That report concerns support for low-value payments; it does not say that MDR on eligible higher-value merchant payments was postponed. Moneycontrol’s report on low-value incentives
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Moneycontrol separately reported on September 15 that the UPI Steering Committee had set the rate and date, with the new MDR scheduled to start October 15, 2026. The available material does not establish a later formal postponement. Moneycontrol’s report on the announced MDR
Which UPI transactions did the Ministry say would remain free?
The Ministry’s September 15 release distinguished customer-to-customer transfers from customer payments to merchants, and identified exemptions within merchant payments. Its figures describe the framework as announced, not independently verified outcomes.
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| Transaction category | Treatment described by the Ministry |
|---|---|
| Person-to-person (P2P) UPI payment | Free regardless of amount. |
| Person-to-merchant (P2M) payment up to ₹2,000 | Free. |
| Eligible small merchants covered by the zero-MDR framework | Free. |
| Specified P2M payment above ₹2,000 | Subject to the applicable MDR rate, sector rules and cap. |
The Ministry estimated that approximately 96% of merchant transactions would be unaffected and about 4% would attract MDR. Those are the Ministry’s estimates, not measured post-implementation results. It also said an amount equivalent to 5% of total MDR collections would go to a dedicated small-merchant adoption fund. Ministry of Finance release on the framework
What rates did the announced framework describe?
The release did not set one universal rate for every payment above ₹2,000. It described different treatment by transaction category:
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| Specified merchant transaction | Rate described in the release | Cap or qualification |
|---|---|---|
| Eligible P2M transactions above ₹2,000 | 0.4% | Capped at ₹300 for transactions of ₹75,000 and above. |
| Transactions above ₹2,000 in listed essential or thin-margin sectors | Flat ₹5 | Applies to the sectors listed in the Ministry release. |
| Listed capital-market payments | 0.02% | Capped at ₹300. |
For scale, a 0.4% rate is ₹40 on a ₹10,000 transaction; this is a rate calculation, not a claim about what every merchant would owe. The relevant category and any applicable cap or exemption matter. Moneycontrol’s report on the announced rates
Will customers be charged?
The Ministry said MDR is paid within the merchant payment ecosystem, not collected from customers as a government or NPCI charge: “MDR is neither a tax nor a charge collected by the Government or NPCI.” It also said banks had been advised to ensure merchants do not pass MDR on to customers. That states the policy position; it does not establish how every merchant will behave in practice. Ministry of Finance release on MDR and customer safeguards
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What is CAMIT asking the government to do?
The Chamber of Associations of Maharashtra Industry and Trade (CAMIT), through its president Dr. Dipen Agrawal, asked Finance Minister Nirmala Sitharaman to review the announced MDR and continue zero MDR for UPI merchant transactions, particularly for traders and micro, small and medium enterprises (MSMEs). As an alternative, CAMIT asked for a mechanism to compensate banks and payment service providers.
“Digital payments should remain an incentive for formalisation—not become a cost of formalisation.”
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Nagpur Today attributed that statement to Agrawal. CAMIT’s position is a trade-body argument about how to fund the payment system and avoid adding costs for merchants; it is not a Ministry finding that permanent zero MDR is the only possible policy solution. Nagpur Today’s report on CAMIT’s request
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Why does CAMIT say the threshold could affect ordinary merchants?
Agrawal argued that ₹2,000 is no longer a high threshold for many purchases, naming clothes, medicines, electronics, spare parts and consumer durables. In his view, a fee could burden traders and MSMEs, undermine incentives to formalise, or be reflected in prices. The Times of India also reported concerns from Nagpur trade representatives that fees could discourage digital payments. These are stakeholder warnings, not evidence that prices have risen or customers have shifted back to cash. The Times of India report on traders’ concerns
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CAMIT’s statement cited nearly 2,366 crore UPI transactions worth approximately ₹29.88 lakh crore in July 2026. It also cited gross GST collections of nearly ₹2.43 lakh crore in April 2026 and total GST collections of approximately ₹22.27 lakh crore in financial year 2025–26. CAMIT explicitly said this growth cannot be attributed to UPI alone, referring instead to digitisation, GSTN, e-invoicing and formalisation collectively. Nagpur Today’s account of CAMIT’s figures and caveat
What does the low-value payment subsidy report mean?
Moneycontrol reported that incentives for UPI transactions below ₹2,000 were likely to continue beyond October 15, citing finance ministry sources. It reported a FY 2026–27 budgeted incentive of ₹2,000 crore and an estimated industry cost of ₹20,700 crore, attributed to the Department of Financial Services. These figures relate to the incentive and its reported cost, not the MDR rate on higher-value merchant payments; the report is not itself an official MDR deferral announcement. Moneycontrol’s report on the incentive
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