Free to fee: UPI needs to change
The debate around reintroduction of merchant discount rate (MDR) on Unified Payments Interface (UPI) transactions has resurfaced after Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026. If implemented, the proposal is expected to restore MDR on select UPI transactions. Importantly, this is not about charging consumers for using UPI. Rather, it is about creating a sustainable economic model for the ecosystem that powers India’s digital payments revolution.
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Views expressed above are the author’s own.
