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The proposed Merchant Discount Rate (MDR) on selected UPI merchant payments will not start on the previously reported 15 October 2026 date. NPCI’s UPI and Services Steering Committee has deferred implementation until immediately after Diwali, but has not yet announced the exact calendar date. Merchants should treat the fee schedule as a reported proposal until NPCI issues its operative notification.
What changed
On 13 October 2026, NPCI said the UPI and Services Steering Committee had postponed the proposed MDR because of the festive season. Its statement says the charge on “select Person-to-Merchant (P2M) UPI transactions” will be implemented “immediately post Diwali on a date to be notified separately.” The reports available for this announcement do not specify that date.
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The postponement changes the timetable, not the reported policy design. The earlier expected start was 15 October 2026; that date should no longer be treated as the launch date.
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Who would be affected by the reported proposal?
| Transaction or condition | Reported treatment | Status |
|---|---|---|
| Person-to-person (P2P) UPI transfer | No charge | Government policy statement |
| Eligible P2M payment at or below ₹2,000 | Outside the reported 0.40% levy | Proposed framework |
| Eligible P2M payment above ₹2,000 | 0.40% MDR, subject to reported category rules and cap | Proposed framework |
| Exempt merchant categories | Outside the standard levy | Reported; confirm in NPCI’s operative notice |
| Some specified categories | Reported flat ₹5 fee or special rates | Reported; final eligibility not yet confirmed |
The proposed 40 basis points equals 0.40% of an eligible merchant payment above ₹2,000. Indian Express reported a ₹300 maximum for that standard percentage fee. It also reported a 0.02% rate for capital-market transactions and ₹5 flat charges for certain categories, including rail tickets, fuel and agricultural inputs, telecom or utility bills, insurance premiums and tax payments. Business Standard separately reported the ₹300 cap and flat ₹5 categories. These are reported terms, not a substitute for the final NPCI circular.
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Will customers be charged for using UPI?
The Ministry of Finance said in an 8 August 2026 Press Information Bureau release that “Consumers making payments will not face any transaction charges.” The same release said, “All Person-to-Person transactions will continue to be free of charge.” Those statements describe the government’s stated position: the reported MDR is a merchant-side charge on limited P2M transactions, not a new bill sent to consumers for ordinary UPI use.
The available reports do not establish whether an individual merchant may change prices or pass a cost to customers. That question depends on applicable rules and the merchant’s arrangements with its acquiring or payment provider.
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Why the threshold matters
Economic Times reported that more than 95% of merchant-payment transactions by volume would remain free under the proposed framework. Indian Express separately reported that payments above ₹2,000 account for about 4% of P2M transaction volume but roughly two-thirds of its value. These are media-reported estimates with different attributions, rather than one confirmed official statistic. Together, they indicate why a small share of high-value transactions could still be financially significant for merchants and the payments ecosystem.
What merchants should do during the postponement
- Measure exposure. Review recent settlement data and count the value and number of P2M transactions above ₹2,000. Separate ordinary payments from categories that may have special or exempt treatment.
- Confirm classification. Ask the acquiring bank or payment provider which merchant-category code it has on file and whether that classification is covered, exempt or subject to a special rate.
- Request written operating details. Ask how any MDR will appear on settlement reports, invoices and reconciliation files, and whether the provider will display the percentage, cap or flat fee separately.
- Monitor official notices. Do not configure accounting rules around a specific post-Diwali date until NPCI publishes it. A visible UPI QR code confirms payment acceptance, but does not determine MDR eligibility.
- Test reconciliation. Prepare sample calculations for the reported 0.40% rate and ₹300 cap, while marking them as provisional until the operative directions arrive.
Why the fee is being discussed
Economic Times reported that the government budgeted about ₹2,000 crore for UPI and RuPay incentives in financial year 2026–27. It also reported prior payouts of ₹3,631 crore in FY24 and ₹1,046 crore in FY25. NPCI chief executive Dilip Asbe was reported as saying that operating the UPI ecosystem costs about ₹21,000 crore annually. These figures come from separate reports and should not be read as audited evidence that the proposed MDR would cover the ecosystem’s full cost.
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What remains unresolved
- The exact implementation date after Diwali.
- The final list of eligible and exempt merchant categories.
- The operative rules for the ₹300 cap, ₹5 flat charges and special rates.
- How each acquiring or payment provider will calculate, display and settle the fee.
- Whether any merchant-facing pricing practices are permitted under the final rules.
Until NPCI publishes its notification, merchants should rely on their provider’s written instructions rather than the previously reported 15 October date or an assumed universal 0.40% charge.
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