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Finance Minister Nirmala Sitharaman has moved to quell confusion over the Merchant Discount Rate on certain UPI transactions, saying the charge will not be passed on to consumers. She stressed that the levy is borne by merchants, is not a tax or surcharge, and applies only to select payments above Rs 2,000 at a rate of 0.4%.
An IIT Bombay report has cautioned that the proposed merchant discount rate framework for UPI, if implemented in its current form, could undermine public confidence in India’s most widely used digital payments rail. The report argues that policymakers must rationalise the structure carefully to avoid negative user sentiment and preserve the platform’s trust premium.
India’s finance ministry is preparing daily oversight of new UPI merchant discount rate arrangements set to begin on October 15, as the government negotiates with payment aggregators to prevent any pass-through of fees to consumers. Officials say the revenue framework is intended to support small merchants adopting digital payments while preserving UPI’s low-cost appeal for users.
Apple’s long-anticipated payments push in India is drawing fresh scrutiny as the company expands its consumer and hardware footprint in the country. But with UPI already dominant and local fintech platforms deeply embedded in everyday commerce, Apple Pay may find that timing, not technology, is its biggest obstacle.
Apple is moving deeper into India at a moment when the country’s digital payments market is already mature, intensely competitive, and shaped by UPI-led habits rather than card-first spending. The question for investors and startups is not whether Apple can attract affluent users, but whether its payments push comes too late to alter the market’s structure in any meaningful way.
A 40-basis-point merchant discount rate on UPI transactions could generate a revenue pool of about Rs 27,000 crore by FY28, according to Bernstein, potentially reshaping the economics of India’s digital payments stack. The brokerage said issuing banks, UPI apps, merchant-side payment platforms and acquiring banks would capture the largest shares, while the levy would remain well below card fees and exclude many smaller transactions.
A 40-basis-point merchant discount rate on UPI transactions could generate a revenue pool of about Rs 27,000 crore by FY28, according to Bernstein, as India weighs how to sustain the economics of its fast-growing digital payments rail. The brokerage said issuing banks, UPI apps, merchant-side payment apps and acquiring banks would share the proceeds, while smaller transactions would remain exempt or lightly affected.
Aries Agro has expanded its manufacturing capacity to 1.01 lakh tonnes, underscoring a broader push to strengthen supply capabilities, widen market reach and deepen engagement with farmers. The company highlighted the expansion, along with technology adoption and a growing distribution network, at its annual general meeting, signalling a strategy focused on operational scale and agribusiness resilience.
India’s women delivered a landmark upset in the recurve team event at the Asian Games 2026, ending South Korea’s 28-year dominance in one of archery’s most demanding disciplines. Korea, under pressure from the opening set, faltered badly as Yunji and her teammates produced a series of low arrows, including a final tally of 51 in their weakest showing of the week.
India head into a high-profile Brazil test with coach Jamil appealing for strong backing as the team prepares for one of its sternest assignments. Defender Anwar Ali reinforced the message, calling it a “very big game” and urging the squad to leave everything on the pitch.
India’s new UPI merchant discount rate framework, effective October 15, introduces a 0.4% charge on person-to-merchant transactions above Rs 2,000, with a cap of Rs 300 on payments of Rs 75,000 and above. While consumers will not be charged, the GST treatment of the fee could raise the effective cost for merchants to about 47.2 basis points, sharpening concerns across retail, mobility and other high-frequency payment sectors.
The Andhra Pradesh government has removed 51 doctors from service after disciplinary action for remaining absent from duty, Health Minister said. The action covers 41 Assistant Professors, eight Associate Professors and two tutors, underscoring a hardening stance on absenteeism in the state’s public medical system.
India’s manufacturing sector ended the quarter on a firmer footing in September, with the Purchasing Managers’ Index rising to 55.1, a seven-month high, signaling a solid expansion in factory activity. The latest reading points to stronger new orders, higher output, improved hiring and sustained optimism about demand, even as firms continue to navigate cost pressures and a mixed global backdrop.
India’s finance ministry is preparing daily oversight of new UPI merchant discount rate arrangements from October 15, as the government negotiates with payment aggregators to ensure the fee is not passed on to consumers. Officials say the revenue framework is intended to support small merchants adopting digital payments while preserving the low-cost appeal that has made UPI the backbone of India’s retail payments system.
Unified Payments Interface transaction volumes fell 2% month-on-month to 24.07 billion in September, underscoring a modest cooling in India’s flagship digital payments rail even as usage remains near record levels. The decline comes amid renewed industry debate over the future economics of UPI after the introduction of merchant discount rate discussions, a policy shift that could reshape incentives across the payments ecosystem.
Karthik Subbaraj’s ‘Dorothy’ is drawing strong audience response for the way it reflects queer lives with empathy rather than spectacle. Trans activists and members of the LGBTQ+ community say the film’s emotional honesty marks a meaningful step in how Indian entertainment represents desire, vulnerability and struggle.
A 40-basis-point merchant discount rate on UPI transactions could generate a revenue pool of about Rs 27,000 crore by FY28, according to Bernstein, underscoring the scale of India’s digital payments ecosystem. The brokerage said issuing banks and UPI apps would capture the largest share, while merchant-side payment apps and acquiring banks would also benefit, even as the levy remains below card fees and excludes many small-ticket payments.
Air India CEO-designate Tewolde Gebremariam has received security clearance, removing a key procedural hurdle before he formally assumes charge of the Tata Group-promoted carrier on October 1. The clearance advances a closely watched leadership transition at a time when the airline is under pressure to accelerate its turnaround, strengthen operations, and sharpen its competitive position in India’s fast-evolving aviation market.
Indian equities slumped sharply on the day, with the Sensex losing 571 points and the Nifty slipping toward 22,450 as investors reacted to heavy foreign outflows, firmer bond yields and a weaker rupee. The sell-off erased roughly Rs 5 lakh crore in market value and underscored how quickly global rate pressures are feeding into domestic risk sentiment.
Razorpay-backed POP has launched POPchop, a buy-now-pay-later product that lets eligible shoppers split purchases into three interest-free instalments over three months. The move signals POP’s shift beyond UPI, rewards and commerce into consumer credit as fintech firms look for stronger monetisation paths from large user bases.
As lyricist Kannadasan’s birth centenary is marked, his legacy stands out for a rare achievement: he translated classical Tamil thought, philosophy and social observation into language that ordinary listeners could immediately claim as their own. His songs continue to resonate because they were never merely ornamental; they carried ideas about love, mortality, faith and dignity in a form that felt intimate, direct and enduring.
India is sharpening its pitch as a global leader in digital payments and fintech, building on the scale of its public digital infrastructure, rapid consumer adoption and a policy environment that has encouraged innovation. The country’s challenge now is to convert domestic momentum into durable international influence, while preserving trust, resilience and financial inclusion.
India’s new merchant discount rate framework for UPI is being positioned as a funding mechanism for the platform’s rising infrastructure costs rather than a broad-based charge on digital payments. The policy keeps small merchants and everyday consumer transactions outside the fee net, while directing revenue support to issuing banks and payment applications to preserve the system’s long-term viability.
Indian retail traders are preparing a nationwide protest on October 2 against the proposed introduction of merchant discount rate, or MDR, on UPI transactions. The mobilisation, led by mobile and FMCG retailer groups, signals growing resistance from small businesses that say any charge on digital payments would raise costs and hurt adoption.
India’s government is considering ending subsidies for small-value UPI transactions as merchant discount rate revenue begins to flow through the digital payments ecosystem. The move would mark a significant policy shift away from taxpayer-funded incentives for UPI and RuPay, with no fresh subsidy payments made since April 2025. Officials are aiming to make the payments infrastructure more self-sustaining while easing the fiscal burden on the exchequer.
Indian mobile and FMCG retailers are preparing a nationwide protest on October 2 against the proposed introduction of merchant discount rate charges on UPI transactions, a move they say could raise costs and hurt small businesses. The mobilisation, being framed as a “No UPI Day,” reflects growing anxiety among traders that a fee on India’s most widely used digital payment rail could slow adoption and squeeze already thin retail margins.
India’s new UPI merchant fee framework, effective October 15, introduces a 0.4% MDR on person-to-merchant transactions above Rs 2,000, with a cap of Rs 300 on payments of Rs 75,000 and above. While consumers will not be charged, merchants could face an effective cost of about 47.2 basis points once GST is added, raising fresh concerns for businesses that rely heavily on digital payments.
India is sharpening its pitch as a global leader in digital payments and fintech, leaning on scale, policy support and rapid consumer adoption to deepen its influence in financial services. The country’s payments infrastructure, led by real-time transaction rails and a fast-growing startup ecosystem, is increasingly being viewed as a strategic export rather than just a domestic success story.
The Finance Ministry does not expect a meaningful rise in cash transactions after the proposed merchant discount rate on a small slice of UPI payments, according to sources familiar with the matter. Officials believe the impact will be limited because only a narrow portion of UPI volume will be affected and RuPay debit card transactions will remain free, reducing the risk of users shifting away from digital payments.
India is preparing to introduce a merchant discount rate on UPI transactions from October 15, but officials say the charge will be tightly controlled to prevent merchants from passing the cost on to consumers. The finance ministry will monitor compliance daily as the government seeks to balance payment-system sustainability with continued expansion of digital payments, especially among small merchants.
Indian mobile and FMCG retailers are preparing a nationwide protest on October 2 against the proposed return of merchant discount rates, or MDR, on UPI transactions. The campaign, framed as a ‘No UPI Day,’ signals growing resistance among small traders who say even a modest charge could erode thin margins and slow digital payments adoption.
India’s finance ministry is preparing daily oversight of a new merchant discount rate framework for UPI transactions from October 15, aiming to prevent payment aggregators from passing the 0.4% fee on to consumers. Officials say the revenue model is being designed to support small merchants while preserving the rapid expansion of digital payments. The move comes as the government negotiates with industry players over how the charge will be applied, with a clear policy line that customers should not bear the cost. The plan reflects a broader effort to balance payment-system economics with the political and economic imperative of keeping UPI free at the point of use for shoppers.
Finance Minister Nirmala Sitharaman has sought to calm confusion over the Merchant Discount Rate on certain UPI transactions, saying the charge is borne by merchants and will not be transferred to consumers. She also stressed that the levy is not a tax, cess or surcharge, but a payment-processing cost applicable only in limited cases above Rs 2,000.
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