Explore the latest news, in-depth reports, and executive analysis tagged with #Upi Mdr.
![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.
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 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.
In this edition, we revisit the longest-running payments debate i.e. UPI MDR; and we explore what happens when sovereign AI, venture capital and national interest collide.
