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Under the framework announced on 15 September 2026, a covered standard UPI person-to-merchant (P2M) payment above ₹2,000 carries a merchant discount rate (MDR) of 0.4% of the payment, capped at ₹300 for transactions of ₹75,000 or more. The merchant pays the MDR to its acquiring bank; the fee is then distributed among payment-ecosystem participants. The changes are scheduled to take effect on 15 October 2026, so these are announced rates, not confirmation that implementation has begun. The Department of Financial Services FAQ and the Ministry of Finance release set out the framework.
How to calculate the standard UPI MDR
For a covered standard P2M transaction, calculate 0.4% of the payment amount when it is above ₹2,000. For transactions of ₹75,000 and above, apply the ₹300 per-transaction cap if 0.4% would be higher. Transactions up to ₹2,000 carry no MDR under the announced framework.
| Payment amount | Calculation | Announced MDR |
|---|---|---|
| ₹2,000 or less | No MDR | ₹0 |
| ₹3,000 | ₹3,000 × 0.4% | ₹12 |
| ₹50,000 | ₹50,000 × 0.4% | ₹200 |
| ₹75,000 | ₹75,000 × 0.4% = ₹300 | ₹300 |
| ₹1,00,000 | ₹1,00,000 × 0.4% = ₹400, limited by the cap | ₹300 |
The ₹2,000 threshold, 0.4% rate and ₹300 cap are the Department of Financial Services and Ministry of Finance’s announced general parameters for covered P2M payments. The FAQ’s ₹3,000 example identifies the merchant as paying the MDR to its acquiring bank. Read the official FAQ.
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The standard calculation does not apply to every UPI payment. Payment type, merchant classification and transaction category can change the charge.
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| Payment or merchant category | Announced treatment |
|---|---|
| Person-to-person (P2P) | Free regardless of amount. |
| Standard P2M, up to ₹2,000 | No MDR. |
| Small merchant in the P2PM category | Zero MDR on all transactions if monthly UPI QR receipts are up to ₹1 lakh. |
| Specified essential and thin-margin sectors | Flat ₹5 MDR for covered transactions above ₹2,000. Listed examples include railways, telecommunications, insurance, fuel and agricultural inputs. |
| Capital-market payments | 0.02% MDR, capped at ₹300. Listed examples include mutual funds, securities, stockbrokers and dealers. |
| RuPay credit card linked to UPI or a credit line | Do not assume the direct bank-account UPI rates apply; credit-linked arrangements have separate mechanics and require separate verification. |
The Ministry of Finance release describes the category rates, while the FAQ says a payment above ₹2,000 does not alone trigger MDR for a merchant that remains in the exempt P2PM tier. The FAQ also says merchants whose monthly inward UPI credits exceed ₹1 lakh for three consecutive months transition to P2M; account treatment should be checked against the applicable implementation instructions. The FAQ gives additional details for utility bills and educational payments, so do not infer a category rate from the broad description alone. See the Ministry of Finance release and the FAQ.
Who pays MDR, and can a merchant pass it to customers?
MDR is a merchant-side payment-ecosystem charge, not a customer UPI fee. The Ministry of Finance says banks should ensure merchants do not pass MDR to buyers, and app providers must not impose platform fees or hidden charges. Its release states that MDR is neither a tax nor a charge collected by the Government or NPCI. The release explains the customer-charge restriction.
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If you are a merchant, review your acquiring or payment-service-provider contract and settlement statement to understand how the announced MDR appears in deductions and reconciliation. The policy describes the general rates; it does not replace the need to confirm your category and account treatment with your provider.
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How the fee relates to banks, payment aggregators and UPI apps
The merchant pays the MDR to its acquiring bank in the FAQ’s worked example. The Ministry of Finance says the proceeds are distributed among ecosystem participants, including banks, payment service providers and UPI application providers. The materials reviewed do not specify the rupee or percentage share that each participant receives, nor do they establish that all participants receive equal shares. The FAQ says the UPI and Services Steering Committee, headed by NPCI, decides operational parameters, fee-distribution models and category caps.
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A payment aggregator accepts payments on a merchant’s behalf and transfers the money to the merchant. A payment gateway provides routing and processing technology without handling funds. In practice, merchants may use aggregators for transaction management, consolidation, reconciliation and support. These role descriptions come from the RBI’s discussion paper, which is background on payment infrastructure—not the 2026 MDR rate or distribution schedule. Read the RBI discussion paper.
For the actual participant-level allocation and settlement mechanics, the reviewed official FAQ and release are not a detailed settlement schedule. Do not infer a fixed share for an acquiring bank, aggregator, PSP or UPI app from the headline MDR; seek the applicable implementation terms and provider settlement statement.
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What merchants should check before comparing payment arrangements
Comparing providers by headline percentage alone can miss the classification and settlement details that determine a merchant’s actual deductions. Check:
- Payment type: whether the payment is P2P, standard P2M, P2PM or credit-linked UPI.
- Merchant category: whether the account is classified as a small P2PM merchant, a standard P2M merchant, or a specified sector or capital-market merchant.
- Amount and threshold: whether the payment is up to ₹2,000, above that amount, or at least ₹75,000 where the standard cap applies.
- Provider terms: how the acquirer or payment service provider classifies the merchant and records deductions in the contract and settlement statement.
- Reconciliation and distribution: what the statement explains about settlement and any participant-level detail available to the merchant.
- Effective date: whether the announced framework has taken effect and whether later implementation instructions or amendments apply.
Why older zero-MDR information may not match the announced framework
Older government and industry statements refer to earlier policy periods. The Department of Financial Services’ 2025–26 annual report says that from 1 January 2020 no charge, including MDR, was payable on RuPay debit-card and BHIM-UPI payments; it also describes government incentives for specified low-value BHIM-UPI P2M activity. NPCI’s 2019 press release describes an earlier rate schedule effective 1 October 2019. Neither historical period should be substituted for the September 2026 announcement. DFS Annual Report 2025–26 · NPCI’s 2019 release.
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Credit-linked UPI also has separate history and mechanics. NPCI’s 2022 circular on RuPay credit cards linked to UPI describes credit-linked arrangements, including interchange and PSP/app reimbursement provisions at that time; those details do not establish current terms. See the NPCI circular.
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