
Person-to-person UPI payments will remain free, while the new MDR framework will apply only to specified merchant transactions from October 15, 2026.

Person-to-person UPI payments will remain free, while the new MDR framework will apply only to specified merchant transactions from October 15, 2026.

Image Summary: A realistic editorial illustration showing India's UPI digital payments ecosystem, with a smartphone displaying a generic digital payment interface, merchants and consumers using cashless payments, and a subtle visual representation of infrastructure costs, banks, fintech companies and public investment.

Customer making a UPI QR code payment at an Indian retail store as the government considers reintroducing merchant fees for select digital transactions.
India Business & Trade is a national media platform decoding the ideas, decisions and shifts shaping India’s growth story—across plicy, business, global commerce and a rapidly evolving marketplace.
India Business & Trade
M-62, Saket, New Delhi-110064, India
Stay ahead in the dynamic world of trade and commerce with India Business & Trade’s weekly newsletter.
Copyright © 2026 India Business & Trade. All Rights Reserved