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Data▲ Bullish for Indian equities
UPI transactions rise 27% to 145 billion in H1 FY27 ahead of new MDR
The brief
- UPI processed 145 billion transactions in H1 FY27, up 27%
- The rise came ahead of a new MDR
- UPI growth supports Indian payment platforms, while MDR changes may affect banks and fintechs
- Over 550 mn UPI users, 69 mn MF investors and 50 mn stock buyers — why are millions still not investing? Report decodes
- New rules for ATMs, UPI, NPS, and LPG: 5 big October 2026 money changes to impact your finances and banking
- UPI, UPI Lite or credit card on UPI? Pick the right option for daily payments
- Banks, NPCI to ensure MDR not passed on: SBI
- Brokerages weigh new charges, mandates as UPI MDR set to take effect
Proposed MDR on UPI payments above ₹2,000
The proposed framework sets a 0.4% merchant discount rate on specified UPI payments above ₹2,000, drawing retailer protests and a Supreme Court challenge; the court declined an interim stay and sought government responses. UPI averaged 802 million transactions daily in September, while first-half FY27 volume rose 27% to 145 billion.
Saturday, 3 October
- UPI transactions rise 27% to 145 billion in H1 FY27 ahead of new MDR