Explore the latest news, in-depth reports, and executive analysis tagged with # Npci.
![UPI MDR Delay: PhonePe meets govt officials; NPCI Steering Committee Meeting cancelled today [Exclusive]](/upload/theheadandtale.com/2026/10/1791547094_aa1c7337de_upi_2.jpg)
With NPCI also holding meetings with government departments, uncertainty over the October 15 rollout continues, sources say.
The proposed introduction of a Merchant Discount Rate (MDR) on UPI transactions, which was starting from October 15, is likely to be deferred to January.
In August, PhonePe accounted for a 45.64% share of UPI transaction volume, followed by Google Pay at 32.26% and Paytm at 8.03%.
UPI's new 0.4% MDR grabbed headlines, but the real story is who profits. By our estimates, the top three UPI apps could get up to 40% of the MDR split.
The NPCI framework also proposes a flat Rs 5 MDR on UPI transactions above Rs 2,000 for specified merchant categories.
![The MCC mayhem: HDFC Bank enters the scene; PayU sues banks; Razorpay prepares to contest IRF claims [Exclusive]](/upload/theheadandtale.com/2026/09/1789475840_7b2f2e1ea7_mcc_misuse_2.jpg)
What began as a one-off dispute in which ICICI Bank quietly initiated interchange reimbursement fee (IRF) claims over MCC misuse is now turning into an industry-wide contest.
NPCI’s surplus (profit) declined 32% to Rs 991 crore in FY26 from Rs 1,461 crore in the previous fiscal.
The government has, however, specified that banks and other system providers cannot impose any charge on RuPay-powered debit cards and UPI payments of up to Rs 2,000.
The overall value of merchant category-wise purchases via UPI fell to Rs 8.95 lakh crore in August from Rs 9.07 lakh crore in July, even as transaction volumes rose.
The value of securities brokers and dealer transactions via the unified payments interface (UPI) jumped 21.01% month-on-month to Rs 73,752.37 crore in July from Rs 60,945.24 crore in June.
Online marketplaces saw growth both in terms of volume and value in June 2026, according to NPCI data.
Asbe's appointment received shareholder approval at Swift's recent annual general meeting and is expected to receive regulatory clearance in October.
Existing Razorpay merchants can access the feature without any additional integration, as it is already available through the company's checkout ecosystem.
The total value of merchant category-wise purchases through the Unified Payments Interface (UPI) increased to Rs 8.72 lakh crore across 14,721.30 million transactions in May 2026.
UPI transactions across merchant categories witnessed a marginal decline in April 2026, with the total transaction volume slipping month-on-month to 14,110.22 million from 14,180.46 million in March.
In this edition of Money & Machines, we look to our Father of our Nation Mahatma Gandhi as the country remembered him on his birth anniversary on October 2.
While the government insists UPI is free, hidden charges, unsustainable incentives, and industry frustrations tell a different story.
According to the data revealed by the Ministry of Finance in a reply to Parliament, UPI fraud incidents surged by 85% in FY24.
Flipkart Group’s UPI app super.money also witnessed surge in its number of transactions in October to 50 million.
