UPI's New MDR, Explained With Data: What the Fee Is, What UPI Actually Costs, and Who Has Been Paying

From October 15, 2026, some UPI merchant payments carry a 0.4% fee. Not a tax, not a charge on you — but not nothing either. Here is what MDR is, what a UPI transaction really costs to run, who has been absorbing that cost since 2020, and what the numbers can and cannot tell us.

Loading full article...