UPI volume growth rate dropped by 10 percentage points in the first four months of FY27, as debates over Merchant Discount Rate (MDR) for high-value transactions intensify.

The finance ministry said any future MDR on UPI will be nominal and limited to merchant transactions above a specified threshold, while consumers and most merchants will face no…

UPI volume growth rate dropped by 10 percentage points in the first four months of FY27, as debates over Merchant Discount Rate (MDR) for high-value transactions intensify.

The government has recently proposed levying a nominal merchant discount rate (MDR) on a limited set of UPI merchant transactions above a certain threshold