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For merchants in India, the announced UPI MDR rules and a payment provider’s fees are separate costs. The Finance Ministry’s 15 September 2026 release says person-to-person payments and person-to-merchant payments up to ₹2,000 have zero MDR; qualifying small P2PM merchants also remain at zero MDR under the stated QR-receipt limit. For other covered merchant payments above ₹2,000, the announced rate is generally 0.4%, with separate rates for specified sectors and capital-market payments. A gateway may still charge its own platform fee. A provider guide identifies 15 October 2026 as the start date, which is still upcoming as of 4 October 2026; confirm the effective date and treatment with your bank or acquirer before relying on the new rates.
UPI merchant fees: what the announced rules say
The Ministry of Finance’s release dated 15 September 2026 sets out the following MDR framework for India. MDR is a merchant-side acceptance charge, not a fee collected by the government or NPCI. The Ministry also says customers should not pay MDR and that banks have been advised to prevent merchants from passing it on. Read the Ministry of Finance release.
| Payment or merchant category | Announced MDR treatment |
|---|---|
| Person-to-person UPI payments | Free for any amount. |
| Person-to-merchant (P2M) payments up to ₹2,000 | Zero MDR. |
| Qualifying small P2PM merchants, including street vendors | Zero MDR on all transactions if the merchant receives up to ₹1 lakh per month through UPI QR under the P2PM category. The merchant’s classification matters; confirm it with the bank or acquirer. |
| Standard covered P2M transactions above ₹2,000 | 0.4% MDR. Transactions of ₹75,000 and above are capped at ₹300 per transaction. |
| Specified essential or thin-margin sectors above ₹2,000 | ₹5 per transaction for the listed sectors, including railways, telecommunications, insurance, fuel and agricultural inputs. |
| Covered capital-market payments | 0.02% MDR, capped at ₹300. |
The release is the source for the rates and categories in the table. A Cashfree guide says the revised rates start on 15 October 2026. Because that date is after 4 October 2026, treat the framework as announced rather than already in effect; check the official implementation notice and your acquirer’s instructions for the date and application to your account. Cashfree’s guide to the revised MDR framework.
How the standard rate works
At 0.4%, MDR on a ₹3,000 payment works out to ₹12; on ₹10,000, it is ₹40. At ₹75,000, 0.4% equals ₹300, and the stated cap limits MDR to ₹300 for that transaction and higher-value transactions. These are arithmetic examples of the announced rate, not a quote for a particular merchant; category, classification and implementation determine the applicable treatment.
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How many transactions may be affected
The Ministry estimates that approximately 96% of P2M transactions will remain unaffected and says MDR will apply to about 4% of merchant transactions. These are the Ministry’s estimates, not an independent audit. Source: Ministry of Finance release, 15 September 2026.
MDR is different from a gateway’s platform fee
MDR is the merchant acceptance charge under the applicable framework. A payment gateway’s platform fee is a separate commercial charge for services such as hosted checkout, integration tools, plugins, dashboards and reporting. A zero-MDR payment does not automatically mean that a merchant using a gateway pays nothing: the provider may charge separately under its pricing and contract. Cashfree explicitly describes its platform fee as separate from payment-instrument charges. Cashfree pricing; Razorpay’s explanation of UPI transaction charges.
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When comparing offers, do not treat a promotional gateway rate as the full cost of accepting UPI. Request a written tariff and a sample settlement calculation for your payment method, order amount, merchant category and acceptance flow. Check whether each amount is MDR or a provider fee, whether tax applies, and whether the agreement adds settlement, refund, recurring-payment or mandate charges.
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Published provider prices are not directly comparable
These examples describe what providers publish, not a like-for-like ranking. The terms, eligibility and available fees can change, so confirm the current written offer with the provider before choosing.
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- TWO WAYS TO ACCESS PAYMENT: Customers can tap the NFC-enabled area with a compatible smartphone or scan the QR code to quickly open your Paypal payment page.
- EASY ONLINE ACTIVATION: Tap or scan the stand, register or sign in, and enter your Paypal payment link. The NFC tap and QR code then direct customers to the same destination. No QRLynk app or recurring subscription is required.
- CLEAR, COMPACT DISPLAY: The 5.1 x 3.5-inch main display area includes easy-to-follow tap-and-scan instructions while using minimal countertop space.
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| Provider | What its published material says | What to verify |
|---|---|---|
| PhonePe PG | The standard plan shows a limited-time “Free” offer, with zero setup fee and zero annual maintenance fee; enterprise pricing is personalized. The page says its figures are accurate as of July 2026 and lists dynamic QR, checkout and payment links. | Confirm the offer’s terms, expiry and fees for each payment method. “Free” does not establish the merchant’s total cost after an offer or under all conditions. PhonePe PG pricing. |
| Cashfree | The pricing page lists 1.95% standard platform pricing and a promotion for qualifying new merchants up to ₹20 lakh GMV, subject to terms, excluded methods and tax conditions. It lists UPI QR, intent, collect and WhatsApp-link flows. | Check eligibility, how much of the offer remains, exclusions, GST and how any new MDR appears in settlements. The promotion is not a universal tariff. Cashfree pricing. |
| Razorpay | A provider guide from February 2026 describes a 2% platform fee in its example for bank-account UPI and says platform fees and network MDR are separate. | That example is not confirmation of your current tariff. Verify current pricing and contract terms with Razorpay before comparing. Razorpay’s UPI charges guide. |
Choose QR or a gateway based on how you take payments
Use a counter QR for in-person scan-and-pay
A merchant QR is suited to a physical counter where the customer scans and pays. Ask your bank or provider how the QR is classified, whether your business qualifies for the P2PM small-merchant treatment, and how receipts are counted toward the stated monthly limit. A QR code or stand does not itself determine MDR: classification and the applicable framework do. If you use a display stand, it is only a way to present the QR; it neither processes payments nor changes fees.
Use gateway features for online checkout or remote payment
A payment gateway is designed to connect online payments to a website, app or other checkout flow. Depending on provider and integration, it may also offer payment links or dynamic QR. PhonePe lists dynamic QR, checkout and payment links; Cashfree lists UPI QR, intent, collect and WhatsApp-link integrations. Feature availability does not establish equivalent service quality or success rates. PhonePe PG features and pricing; Cashfree features and pricing.
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- TWO WAYS TO ACCESS PAYMENT: Customers can tap the NFC-enabled area with a compatible smartphone or scan the QR code to quickly open your Paypal payment page.
- EASY ONLINE ACTIVATION: Tap or scan the stand, register or sign in, and enter your Paypal payment link. The NFC tap and QR code then direct customers to the same destination. No QRLynk app or recurring subscription is required.
- CLEAR, COMPACT DISPLAY: The 5.1 x 3.5-inch main display area includes easy-to-follow tap-and-scan instructions while using minimal countertop space.
- VERSATILE COUNTERTOP PLACEMENT: Ideal for checkout counters, front desks, market booths, salon stations, reception areas, service counters, and point-of-sale locations.
- CLEAN INTEGRATED STAND DESIGN: Features rounded corners, a slim upright panel, and a stable bent base for a professional countertop presentation.
Compare the actual cost and operating fit
- Merchant status: Confirm your P2M or P2PM classification and, if relevant, how monthly QR receipts are counted.
- Payment mix: Check the transaction values, merchant category and payment methods you expect to accept. Do not assume all UPI payments or all QR transactions receive the same treatment.
- Complete fees: Add applicable MDR, provider/platform fees and taxes using the actual agreement. Ask whether a promotion covers the provider fee, MDR or both.
- Settlement and reconciliation: Ask when funds settle, which deductions appear on the settlement statement, and what reports are available for matching transactions to orders.
- Operational requirements: Compare integration effort, checkout flow, QR or link options, support and refund handling against how your business takes payments.
For the most useful comparison, ask each provider for a written settlement example using the same payment amount, payment method, business category and acceptance channel. That makes it easier to separate any network MDR from platform charges and other deductions.
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