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The National Payments Corporation of India announced that a merchant discount rate (MDR) of 0.4 percent will apply to person to merchant UPI transactions above Rs 2,000, effective from 15 October 2026. UPI transactions up to Rs 2,000 will continue to remain free of charge. The MDR is not a tax and does not accrue to the government: the fee is distributed among banks, payment aggregators and other participants in the UPI payments chain. A committee of banks had been examining the structure of merchant charges on larger UPI transactions before the NPCI notification.