PhonePe, Paytm, MobiKwik back UPI MDR above Rs 2,000
Payment CEOs from PhonePe, Paytm, and MobiKwik announced a new Merchant Discount Rate (MDR) of 0.4% on UPI transactions over ₹2,000, effective October 15, 2026. This change aims to create a sustainable revenue model for the payment industry, which has absorbed costs without earning revenue. The industry seeks to grow UPI usage to one billion Indians.