UPI MDR: Is it a tax or a fee?
The government announced the UPI (Unified Payments Interface) Merchant Discount Rate (MDR) framework on 15 September 2026, with the charges set to take effect from 15 October 2026. The framework is as follows: (i) a 0.4% rate on person-to-merchant (P2M) payments above ₹2,000; (ii) no charge on P2M payments up to ₹2,000; (iii) a cap…
