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Data▲ Bullish for Indian equities
UPI usage holds steady in September despite backlash over new MDR norms
The brief
- UPI averaged 802 million transactions a day in September, up about 1% from August
- Transaction value also remained firm despite backlash over new MDR norms
- Steady UPI activity supports Indian payments and fintech companies
- AIMRA announces nationwide 'No UPI Day' on October 2 to protest against proposed MDR for UPI transactions
- Apple Pay enters India with Axis Bank, targeting card usage and broader partnerships
- Sitharaman discusses BIT, FTA, UPI expansion with Qatar during Doha visit
- Only 62 mn invest in MFs despite 500-550 mn UPI users in India: EY report
- New rules from October 1 cover SBI ATM charges, UPI fees and LPG subsidy verification