PhonePe, Paytm, MobiKwik back UPI MDR above Rs 2,000

From October 15, 2026, India introduces a 0.4% MDR fee on P2M UPI payments above Rs 2,000 (capped at Rs 300 for amounts from Rs 75,000). P2P transfers and payments up to Rs 2,000 remain free. PhonePe, Paytm, and MobiKwik support the move to make UPI self-sustaining.

• MDR 0.4% on P2M payments above Rs 2,000, max Rs 300
• Fixed Rs 5 fee for fuel, insurance, and rail tickets
• MobiKwik expects Rs 150 crore revenue boost in FY28
• P2P transfers and payments up to Rs 2,000 remain free