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India’s Ministry of Finance describes a merchant discount rate (MDR) for certain UPI payments above ₹2,000, but the official material available does not confirm that it was deferred until after Diwali or establish when it will take effect. The framework concerns specified payments to merchants—not every UPI transfer—and the Ministry says the charge is imposed on merchants, not consumers.
What the official material confirms about UPI charges
A Ministry of Finance statement dated 15 September 2026 describes MDR for specified person-to-merchant (P2M) UPI transactions above ₹2,000. It says person-to-person (P2P) transfers remain free regardless of amount, and P2M payments up to ₹2,000 remain free of MDR. The statement does not establish an operational start date.
The Department of Financial Services FAQ landing page is also dated 15 September 2026, but the accessible page exposes its metadata and a document link rather than the FAQ’s full text. The NPCI circular index is the relevant official repository, but its circular contents were not accessible. As a result, the claim that the MDR was deferred until after Diwali—and the frequently reported 15 October 2026 start date—cannot be confirmed from the official text available here. See the Department of Financial Services and NPCI UPI circular index for the official material.
Which transactions are described as subject to MDR?
The framework distinguishes who receives the payment, the transaction amount, and the merchant’s category. The rates below are those described in the Ministry of Finance statement dated 15 September 2026; they are not confirmation that collection has begun.
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| Transaction or category | MDR described by the Ministry |
|---|---|
| P2P transfer, any amount | Free |
| P2M payment up to ₹2,000 | Free of MDR |
| Specified P2M payment above ₹2,000 | 0.4%; capped at ₹300 for transactions of ₹75,000 and above |
| Qualifying payment above ₹2,000 in named essential or thin-margin sectors, including railways, telecommunications, insurance, fuel, and agricultural inputs | Flat ₹5 |
| Named capital-market transactions involving mutual funds, securities, stockbrokers, and dealers | 0.02%; capped at ₹300 |
| Qualifying small merchants in the P2PM category, including street vendors receiving up to ₹1 lakh per month through UPI QR codes | Zero MDR |
The 0.4% rate is therefore not a blanket fee on every UPI payment over ₹2,000. The Ministry estimates that about 96% of P2M transactions would remain unaffected; that is the Ministry’s estimate, not an independently verified calculation.
Would customers have to pay the MDR?
The Ministry describes MDR as a merchant-side payment-ecosystem charge, not a fee collected from the person paying. It says banks have been advised to ensure merchants do not pass the charge on to customers, and UPI app providers are prohibited from adding platform or hidden charges.
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An earlier Ministry of Finance release, dated 8 August 2026, said consumers making payments would not face transaction charges and that P2P transactions would remain free. It also said any MDR, if introduced, would be limited to certain merchant transactions above a threshold. The later statement supplies the rates and categories, but neither accessible release confirms the Diwali deferral or an effective date. Read the 8 August 2026 Ministry of Finance release via PIB.
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The headline wording that the 0.4% MDR was “deferred until after Diwali” attributes a timing decision to NPCI. The available material does not substantiate that attribution: the full FAQ and circular text were not accessible, and the Ministry’s 15 September statement does not give an implementation date. The 15 October 2026 date reported elsewhere should likewise be treated as unconfirmed by the official text available here.
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For users, the practical distinction is clear: the described policy is about certain merchant transactions, not P2P transfers or all UPI payments. For merchants, the applicable category and any official implementation notice matter; the stated rate alone does not show when a charge is operational. Check the complete government FAQ or NPCI circular for a confirmed start date before relying on a reported timeline.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How large is UPI in this policy context?
In an 8 August 2026 statement, the Ministry reported that UPI processed 2,366 crore transactions worth ₹29.9 lakh crore in July 2026. That figure provides context for the scale of the payment system; it does not establish the number of transactions that would attract MDR under the later framework.
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