Tag: digital payments

  • Indian Mobile Retailers Plan ‘No UPI Day’ on October 2 to Protest Proposed MDR Fees

    Indian Mobile Retailers Plan ‘No UPI Day’ on October 2 to Protest Proposed MDR Fees

    Mobile phone retailers across India are planning to observe October 2 as ‘No UPI Day’ in protest against the proposed Merchant Discount Rate (MDR) on certain UPI merchant payments. The campaign, organized by the All India Mobile Retailers Association (AIMRA), will see participating retailers temporarily halt acceptance of UPI payments and symbolically cover their QR codes with black cloth.

    Why Are Mobile Retailers Protesting?

    AIMRA states that the proposed MDR could significantly increase the financial burden on mobile retailers, especially those operating on thin margins. Under the new framework, a 0.4% MDR will apply to eligible person-to-merchant UPI transactions above Rs. 2,000, starting October 15, 2026. The charge is merchant-side only and will not be directly passed to consumers.

    The association explains that a small retailer processing between Rs. 5 lakh and Rs. 30 lakh in UPI payments monthly could face additional costs of Rs. 2,000 to Rs. 12,000 per month. AIMRA estimates the overall burden on small mobile retailers across India could reach about Rs. 40 crore per month, or nearly Rs. 500 crore annually.

    AIMRA Vice President and Delhi NCR President Tarvinder Singh emphasized that the protest is not against UPI or digital payments but against the additional financial strain on merchants.

    What Will Happen on October 2?

    Retailers participating in the protest are expected to refrain from accepting UPI payments for the day and may physically cover their UPI QR codes with black cloth. However, this is a voluntary action by individual mobile retailers and does not mean UPI services will stop nationwide. Other businesses will continue to accept UPI as usual.

    Customers planning to purchase smartphones, accessories, or other products from physical mobile stores on October 2 are advised to carry cash or card payments as alternatives.

    What Changes from October 15?

    The October 2 protest precedes the implementation of the new MDR framework on October 15. Under the framework:

    • Eligible person-to-merchant UPI transactions above Rs. 2,000 will attract a 0.4% MDR.
    • Transactions up to Rs. 2,000 and person-to-person transfers remain exempt.
    • Small merchants receiving up to Rs. 1 lakh per month through UPI QR payments are eligible for mandatory zero MDR.

    The proposed MDR is a merchant-side charge, so customers will not see any direct impact. The protest is therefore focused on retailers’ concerns about the cost of accepting eligible UPI payments, not a call for a nationwide suspension of UPI.

  • Samsung Wallet Adds On-Device Fingerprint Authentication for UPI Payments in India

    Samsung Wallet Adds On-Device Fingerprint Authentication for UPI Payments in India

    Samsung India has announced a significant update to its Samsung Wallet service, enabling users to make UPI payments using their Galaxy device’s fingerprint sensor. The new on-device biometric authentication eliminates the need to enter a UPI PIN for transactions up to ₹10,000, making digital payments as simple as unlocking a phone.

    This feature enhances user privacy by keeping biometric data on the device and reduces transaction failures caused by mistyped PINs. By combining convenience, speed, and robust security, Samsung Wallet aims to simplify everyday UPI payments for Indian consumers.

    The update is part of Samsung’s ongoing efforts to improve digital payment experiences in India, where UPI has become the dominant payment method. Users with compatible Galaxy devices can now enjoy a frictionless payment process without compromising security.

  • Airtel Money Eyes London IPO to Raise at Least $800 Million

    Airtel Money Eyes London IPO to Raise at Least $800 Million

    Airtel Money, the digital financial services arm of Airtel Africa, has announced plans to pursue an initial public offering (IPO) on the London Stock Exchange. The proposed listing is expected to value the African mobile money business at between $8 billion and $9 billion, positioning it as one of London’s largest IPOs in recent years.

    Airtel Money Targets $800 Million From Share Sale

    The company is aiming to raise at least $800 million through the offering. However, the IPO will consist entirely of existing shares, meaning Airtel Money itself will not receive fresh capital from the transaction. Instead, current shareholders will sell part of their holdings to public investors, with the company planning to maintain a free float of at least 10% after listing.

    The targeted valuation range is slightly below earlier market expectations. Reports had previously suggested that Airtel Money was weighing a larger offering with a valuation of around $10 billion.

    Potential Boost for London’s IPO Market

    The proposed float arrives at a time when London’s IPO market has experienced a prolonged period of subdued activity. According to Reuters, the offering could rank among the biggest London listings in recent years, giving the exchange a significant African fintech deal.

    A successful listing would also give public-market investors direct exposure to Africa’s rapidly expanding digital payments sector. Airtel Money operates across multiple African markets, offering mobile payments and a range of other digital financial products.

    Prospectus Expected in October

    Airtel Money said it expects to publish further details about the proposed offer in early October, including the indicative price range and the number of shares to be offered. Final pricing is expected in mid-October, subject to market conditions and the completion of the listing process.

    The company’s latest quarterly performance underscores the scale of its business. Revenue for the quarter ended June 2026 rose 38% year over year to $399 million.

    The listing remains subject to regulatory approvals, market conditions, and other customary requirements. Airtel Money’s London debut will ultimately depend on the completion of the IPO process and final investor demand.

  • Sony Patent Hints PS5 DualSense May Process Payments via Smartphone

    Sony Patent Hints PS5 DualSense May Process Payments via Smartphone

    Sony may have a surprise for PlayStation 5 players, especially those who use the DualSense controller. A new patent suggests the company is preparing a system that lets the controller connect to a nearby phone and process payments.

    The idea could make it easier for players to buy games, add-ons, and other digital content. However, the patent was reportedly filed in March 2025 but published in September 2026. At the time of writing, the company did not say whether the idea will become a real feature.

    The patent suggests that if the idea becomes a reality, the DualSense will act as a link between the payment device and the PlayStation console. It will detect a nearby smartphone, and the controller will then pass the payment details to the device.

    According to the patent, “In response to receiving the notification, a first message that includes payment method information for a video game player associated with the video game controller is received from the electronic device, and a second message that includes the payment method information is transmitted from the video game controller to the video game console.”

    The DualSense could also use its light bar, vibration, or sound to show when it detects a device or when a payment goes through. Players have already been speculating about a Wallet Credits app that a few reportedly spotted on the PlayStation Store, without any launch date or details. The system is still only a patent, so players should not expect it on their consoles yet.

    PlayStation already supports cards, PayPal, and Apple Pay, along with other payment options depending on the region. The patent does not replace these methods; instead, it points to another way of linking a payment device with the console.

    The patent does not confirm a new payment feature for PS5. Still, it shows Sony is thinking beyond traditional controller functions. If the idea reaches players, the DualSense could one day help with purchases as well as gameplay.

  • India’s Payment Methods Compared: UPI, Debit Cards, and Credit Cards – Fees and MDR Explained

    India’s Payment Methods Compared: UPI, Debit Cards, and Credit Cards – Fees and MDR Explained

    When you tap, swipe, or scan to pay, the costs behind that transaction vary dramatically depending on the method. While customers rarely see these charges, merchants bear the burden. Understanding Merchant Discount Rate (MDR) is key to comparing India’s payment landscape.

    What is MDR?

    Merchant Discount Rate (MDR) is the fee merchants pay for processing digital payments. This charge is typically divided among banks, payment networks, and app providers. Although it is a merchant-side cost, it influences business decisions and pricing strategies.

    UPI: Free for Consumers, New Merchant Fee Above ₹2,000

    UPI remains free for consumer-to-consumer transfers, with no upper limit. However, from October 15, 2026, NPCI introduces a 0.4% MDR on person-to-merchant transactions above ₹2,000. This charge is capped at ₹300 for payments of ₹75,000 or more. For instance, a ₹50,000 payment incurs ₹200 in MDR, while a ₹1 lakh payment costs only ₹300 due to the cap. Special sectors like railways, telecom, insurance, fuel, and agriculture inputs attract a flat ₹5 charge.

    Small merchants receiving up to ₹1 lakh per month through UPI QR codes continue to enjoy zero MDR on all transactions. Those crossing the threshold for three consecutive months are moved to the standard category. NPCI estimates this new fee will affect only about 4% of merchant transactions, mostly larger ones. Consumer platform fees and merchant surcharges are prohibited under the new rules.

    Debit Cards: Regulated and Tiered MDR

    Debit-card MDR is set by the RBI, with different caps for merchant categories and acceptance methods. Small merchants and QR-based payments enjoy lower rates, while larger merchants using card machines or online checkout face higher limits. RuPay debit cards benefit from a zero-MDR policy with no cap, making them a cost-effective choice for smaller everyday purchases.

    Credit Cards: Higher Cost, Commercially Negotiated

    Credit-card MDR is not fixed by regulation but is determined through commercial agreements between merchants and banks. Industry estimates place it between 1.5% and 2.5%. This higher cost funds rewards, cashback, and other card perks. Additionally, credit cards carry other fees like annual charges, interest on unpaid balances, late fees, and cash-advance fees. Consumers who pay their bill in full each month avoid most of these extra costs, but carrying a balance quickly becomes expensive.

    RuPay Credit Cards on UPI: A Separate Rulebook

    Eligible RuPay credit cards can be linked to UPI apps for merchant payments, but these transactions follow credit-card rules, not standard UPI zero-MDR rules. Small offline merchants get nil MDR up to ₹2,000; beyond that, standard credit-card MDR applies. The key difference is the source of funds—a credit line versus a bank account.

    Comparsion: Which Is Cheapest?

    For everyday purchases under ₹2,000, all three methods cost the same to consumers. The differences emerge for merchants processing high volumes or handling larger transactions. UPI’s new capped fee is modest compared to credit-card MDR, while debit cards remain regulated and relatively low. Merchants are likely to steer customers toward cheaper methods, such as UPI or RuPay debit cards, especially for larger payments.

    Final Thoughts

    India’s digital payment system is moving beyond a simple free-vs-fee classification. The real cost lies in the merchant-side MDR, not in visible customer charges. As UPI scales, the new merchant fee above ₹2,000 aims to sustain its infrastructure. Debit cards stay regulated, and credit cards carry premium costs tied to rewards and lending. Understanding these dynamics helps both merchants and consumers make informed choices.

    Frequently Asked Questions

    Is UPI free for customers in India?

    Yes, eligible UPI payments do not carry a consumer transaction fee. From October 15, 2026, specified merchant UPI payments above ₹2,000 will incur a merchant-side MDR, but merchants cannot pass this cost on to customers.

    What is MDR in digital payments?

    MDR is the processing charge paid by merchants for accepting certain digital payment methods. It is primarily a merchant-side cost and does not automatically mean a separate customer fee.

    Is credit card MDR higher than debit card MDR?

    Generally, yes. Debit-card MDR is regulated by RBI, while credit-card MDR is commercially negotiated. Industry estimates commonly place credit-card MDR above debit-card MDR.

    Can a RuPay credit card be used through UPI?

    Yes, eligible RuPay credit cards can be linked to supported UPI apps for merchant payments. However, the transaction is funded by the credit card, so it follows credit-card rules rather than standard UPI rules.

    Who pays the UPI MDR above ₹2,000?

    The merchant pays the MDR on eligible person-to-merchant UPI transactions above ₹2,000. Customers should not be charged a separate UPI transaction fee for this MDR.

  • How to Change or Reset Your UPI PIN Securely: Essential Steps and Safety Tips

    How to Change or Reset Your UPI PIN Securely: Essential Steps and Safety Tips

    Learn the safe methods to change or reset your UPI PIN, including debit card verification and Aadhaar face authentication, plus crucial safety tips to protect your account.

    What a UPI PIN Does

    A UPI PIN is a 4-6 digit passcode that authorizes bank transactions through UPI. According to NPCI, it is different from a bank-issued MPIN. Customer support staff will never ask for your UPI PIN. Entering the wrong PIN causes transaction failure, and multiple wrong attempts can temporarily block UPI payments. A PIN reset is for forgotten codes, while a change is for known codes that need replacement, such as after a suspected disclosure.

    How to Change a Known UPI PIN

    Open your UPI app and select the linked bank account. Look for the “Change UPI PIN” option. Enter your current PIN, then create a new 4-6 digit code and confirm it. Avoid using simple patterns, dates, or easily guessable numbers. The app does not store your PIN, and bank support never asks for it.

    How to Reset a Forgotten UPI PIN

    If you forget your PIN, use the “Reset UPI PIN” option. The standard method requires the last six digits of your debit card and its expiry date, followed by an OTP. After verification, you can set a new PIN. Some apps may also offer Aadhaar-based Face Authentication as an alternative.

    Aadhaar Face Authentication Option

    NPCI has introduced UIDAI Face Authentication as an additional method for PIN set and reset. In supported apps, select “Aadhaar-based Face Authentication” after choosing the reset option. Your Aadhaar must be linked to your bank account. You will be directed to the UIDAI Face RD app for a face scan, followed by a bank OTP on your registered mobile number. Then you can set a new PIN.

    Safety Checks Before a PIN Reset

    Never share your UPI PIN with anyone, including bank employees or support agents. Debit card details should only be entered in the trusted UPI or banking app, never via links or forms. A request for your PIN to receive money is a red flag. Always verify recipient details and amounts before approving payments.

    What to Do After Suspected Exposure

    If you suspect your PIN has been compromised, change or reset it immediately through the official app. If your phone is lost, contact your bank and mobile operator right away. NPCI also provides a complaint route for transaction disputes through your UPI app or bank.

    FAQs

    Can a forgotten UPI PIN be reset?
    Yes, using the reset option in your UPI app.
    Is a debit card required for every reset?
    No, supported apps may offer Aadhaar-based face authentication.
    Can I change my PIN without forgetting it?
    Yes, use the “Change UPI PIN” option.
    Should I share my UPI PIN with bank support?
    No, bank staff will never ask for it.
    What should I do after a suspected PIN leak?
    Change or reset your PIN immediately and review recent transactions.
  • Kunal Shah’s CRED: From Credit Card Rewards to a $4.5 Billion Financial Ecosystem

    Kunal Shah’s CRED: From Credit Card Rewards to a $4.5 Billion Financial Ecosystem

    Kunal Shah founded CRED in 2018 with a simple yet powerful idea: reward creditworthy consumers for paying their credit card bills on time. What started as a members-only platform has since transformed into a comprehensive financial ecosystem spanning payments, lending, insurance, wealth management, and lifestyle services.

    Starting with Credit Card Payments

    CRED’s initial offering targeted disciplined credit card users. Members could manage multiple cards, track spending, receive payment reminders, and understand their credit behavior. By linking timely payments to rewards, CRED turned a routine financial task into an engaging experience. Today, the platform processes more than 40% of India’s credit card bill payments and serves 17 million monthly members.

    Building a Broader Payments Platform

    CRED expanded its payment capabilities around its core customer base. It introduced UPI payments through CRED Pay, enabling users to scan QR codes and earn rewards, along with tap-to-pay on supported Android devices. In June 2026, CRED launched multibill payments and autopay for credit card bills up to Rs. 2 lakh, with over 70% of members holding multiple credit cards.

    Expansion into Lending, Wealth, and Insurance

    The company’s next phase moved beyond payments. CRED’s lending business now manages Rs. 24,000 crore in assets for top financial institutions. It also launched Yosemite, an invite-only society called Sovereign, a co-branded RuPay credit card with IndusInd Bank, and tools for tracking asset portfolios and long-term investments. Later additions include Cash by CRED and an AI-powered credit coach.

    Technology at the Center

    Technology remains the backbone of CRED’s model, connecting payments, credit management, rewards, and financial services. The platform relies on encrypted data and transaction systems. Its lending operation partners with banks and NBFCs, with CRED acting as a lending service provider. In June 2026, CRED received final RBI authorization to operate as a payment aggregator. The company also developed CRED codelens, a system delivering 4x AI acceleration using Amazon Bedrock.

    Meta’s $900 Million Investment

    CRED reached a major milestone in June 2026 when Meta led a Rs. 8,550 crore ($900 million) Series H funding round, valuing CRED at approximately $4.5 billion post-money. Meta became a minority investor without access to customer data. Concurrently, Shah stepped away from his operating role as CEO to join Meta’s global leadership team. Miten Sampat, who joined CRED in 2020 and led strategy and finance, became interim CEO.

    From Payments App to Financial Ecosystem

    CRED’s journey reflects a deliberate strategy of expanding services for financially active consumers. The company now generates about Rs. 3,200 crore in revenue and is profitable, with a full stack of licenses. An eventual IPO remains a long-term goal. With Shah moving to Meta, CRED’s next phase will continue under its existing board and leadership, expanding its financial services footprint.

  • New UPI MDR Framework: How SIPs, OTT, and Rent Payments Are Affected from October 15

    New UPI MDR Framework: How SIPs, OTT, and Rent Payments Are Affected from October 15

    The Reserve Bank of India’s new UPI Merchant Discount Rate (MDR) regime takes effect on October 15, 2026. While the updated rules introduce charges for certain merchant transactions, many recurring payments—like mutual fund SIPs and OTT subscriptions—remain untouched. Here’s a breakdown of what changes, what stays free, and how different payment types are classified.

    Key Takeaways

    • UPI AutoPay SIPs and OTT subscriptions are exempt from the prescribed MDR.
    • One-time mutual fund and capital-market UPI payments incur a 0.02% MDR, capped at ₹300.
    • Specified person-to-merchant (P2M) payments above ₹2,000 may attract a 0.4% MDR, with a ₹300 cap for transactions of ₹75,000 or more.

    Understanding the New MDR Structure

    The new framework applies a 0.4% MDR to specified P2M UPI payments exceeding ₹2,000. For transactions of ₹75,000 and above, the charge is capped at ₹300. Person-to-person (P2P) transfers remain completely free, regardless of the amount. Merchant payments up to ₹2,000 are also exempt. According to the government, approximately 96% of P2M transactions will remain outside the MDR net.

    UPI AutoPay Exemption: Relief for Recurring Payments

    NPCI has confirmed that UPI Mandates and AutoPay recurring transactions will not attract the prescribed MDR. This includes utility bills, OTT subscriptions, and recurring investments such as mutual fund SIPs. So, a ₹10,000 SIP set up via UPI AutoPay will not incur an MDR charge simply because it exceeds ₹2,000. Similarly, a ₹2,500 monthly OTT subscription—whether Netflix, Amazon Prime, or JioHotstar—remains unaffected.

    Mutual Fund SIPs: Two Different Rules

    The treatment of mutual fund SIPs depends on the payment route. Recurring SIPs using UPI AutoPay are outside the prescribed MDR. However, one-time UPI payments for mutual funds, securities, stockbrokers, or dealers fall under a separate capital-market category. This category carries a much lower MDR of 0.02%, capped at ₹300 per transaction. The reduced rate is intended to encourage retail participation in formal financial markets.

    This distinction is significant for brokers and investment platforms. Reuters has reported industry concerns about the impact of frequent UPI transactions on brokerage costs, and Zerodha CEO Nithin Kamath has publicly questioned whether brokers can absorb the long-term cost.

    Rent Payments: Structure Matters

    Rent payments do not automatically receive the same AutoPay exemption unless the transaction uses a UPI Mandate or AutoPay structure. A simple transfer between individuals remains a P2P payment, which is free regardless of amount. However, if rent is paid to a merchant or property service provider, it may fall under the P2M framework if the transaction meets relevant conditions. The official rules do not list rent as a special category, so the exact treatment depends on how the payment is structured and who the recipient is.

    Customers Won’t Pay MDR Directly

    The MDR is a merchant-side charge within the UPI ecosystem. The government has clearly stated that customers will not be charged a separate UPI transaction fee. Banks have been directed to prevent merchants from passing on the MDR to customers, and UPI app providers are prohibited from adding platform fees or hidden charges under this framework. A ₹20,000 eligible merchant payment, therefore, will not become a ₹20,080 debit from the customer’s account.

    Still, businesses may feel the pinch. Retailer groups have expressed opposition, warning that the added cost could squeeze already thin margins. Some industry associations have also questioned the timing, given the upcoming festive season.

    What Changes from October 15

    Starting October 15, 2026, the following rules apply:

    • Standard P2M transactions above ₹2,000: 0.4% MDR, capped at ₹300 for amounts of ₹75,000 or more.
    • Railways, telecom, insurance, fuel, and agricultural inputs above ₹2,000: flat ₹5 MDR.
    • Capital-market payments (one-time mutual fund, securities, etc.): 0.02% MDR, capped at ₹300.
    • UPI AutoPay recurring payments (SIPs, OTT, bills): exempt from prescribed MDR.
    • P2P transfers: always free.

    The immediate impact on most households appears limited. The bigger shift is internal—banks, payment service providers, apps, brokers, and merchants must now adapt to a new cost landscape after more than six years of zero-cost UPI merchant payments.

    Frequently Asked Questions

    1. Will mutual fund SIPs become costlier under the new UPI MDR rules?

    No, SIPs that use UPI AutoPay mandates remain outside the prescribed MDR.

    2. Will OTT subscriptions attract UPI MDR?

    No, recurring OTT payments through eligible UPI AutoPay mandates remain outside the prescribed MDR.

    3. Will rent payments become costlier?

    Treatment depends on the payment structure. P2P transfers remain free, while eligible P2M transactions can fall under the MDR framework.

    4. What MDR applies to one-time mutual fund payments?

    A 0.02% MDR applies to specified capital-market payments, with a maximum charge of ₹300 per transaction.

    5. When will the new UPI MDR framework start?

    The new framework takes effect on October 15, 2026.

  • Apple Pay’s India Debut Could Begin With Axis Bank as First Partner

    Apple Pay’s India Debut Could Begin With Axis Bank as First Partner

    Apple Pay Prepares for India Launch

    Apple is preparing to bring its Apple Pay service to India, with Axis Bank expected to be its first banking partner for the rollout, according to people familiar with the matter. The service could launch in India as soon as next month, starting with support for Axis Bank credit cards.

    Discussions With HDFC Bank and ICICI Bank

    Apple has also held discussions with HDFC Bank and ICICI Bank about adding their cards to Apple Pay, but those talks have not yet resulted in final commercial agreements, according to two sources. Apple and the three banks declined to comment to Reuters on the discussions.

    Apple Pay is designed to allow iPhone users to make contactless payments using tokenized versions of their card details. Card information is stored on the device, so users can pay without opening another payment app. Apple is expected to add more banks through separate agreements over time, allowing the service to expand gradually after its initial rollout.

    Entering a UPI-Dominated Market

    Apple Pay will enter a payments ecosystem where UPI accounts for a major share of digital transactions. According to Reuters, UPI represented 84% of India’s digital payment volume. The National Payments Corporation of India has also introduced a tap-and-pay option using near-field communication technology, giving smartphone users another way to make contactless payments.

    Recent changes in payment rules have also created room for Apple Pay. The Reserve Bank of India allowed biometric authentication for card payments last year, supporting card transactions through features such as Face ID and Touch ID.

    Apple’s Growing Presence in India

    The India entry comes as Apple gains ground in the country’s smartphone market. Counterpoint Research data cited by Reuters shows Apple’s market share reached 8%, twice its level in 2022. India is now among Apple’s largest smartphone markets.

    Axis Bank had about 16.26 million active credit cards in July, according to RBI data, making it the fourth-largest card issuer in India after HDFC Bank, SBI Cards, and ICICI Bank. An Apple Pay launch would give Apple a foothold in India’s contactless card payment segment, and its expansion will likely depend on adding more banks and card networks to the service.

  • New UPI MDR Rule: 0.4% Merchant Fee for Payments Above ₹2,000 Starts Oct. 15

    The National Payments Corporation of India (NPCI) is introducing a new Merchant Discount Rate (MDR) structure for select UPI payments starting October 15, 2026. Under the updated rule, merchant transactions above ₹2,000 will attract a 0.4% MDR, with the charge capped at ₹300 for payments of ₹75,000 or more.

    What Is MDR?

    MDR is the fee charged for processing a digital payment. In this case, the charge is paid by the merchant, not the customer. The new rate applies to Person-to-Merchant (P2M) UPI payments — transactions where customers pay businesses for goods or services.

    Where the 0.4% MDR Applies

    Payments above ₹2,000 made via UPI to merchants will carry a 0.4% MDR. However, certain essential payments have been given a flat fee instead:

    • Railway ticket bookings above ₹2,000
    • Fuel payments above ₹2,000
    • Insurance premium payments above ₹2,000
    • Utility bill payments above ₹2,000

    For these categories, the MDR will be a flat ₹5, rather than a percentage of the transaction value. This keeps costs predictable for high-value payments in these sectors.

    What Remains Free

    Not all UPI transactions will be affected by the new rule. The following remain free of MDR:

    • UPI payments of up to ₹2,000 to any merchant
    • Person-to-Person (P2P) transfers to friends and family
    • UPI AutoPay and mandates
    • Small merchants receiving up to ₹1 lakh per month through UPI QR payments

    Protection for Consumers

    The finance ministry has said that banks have been advised to ensure merchants do not pass MDR charges on to customers. It also stated that UPI application providers are expressly prohibited from imposing platform fees or hidden charges.

    The new MDR structure is part of UPI’s move toward a revised charging model that balances business use cases with keeping everyday person-to-person transfers free.