Data▼ Bearish for Indian equities
UPI transaction value may drop 10% after Oct 15 MDR rollout: Survey
The brief
- LocalCircles estimates UPI transaction volumes could fall 4% and value 10%
- The declines could follow an October 15 MDR rollout if merchants pass charges to consumers
- Lower UPI use could affect Indian banks and payment providers if consumers shift transactions elsewhere
- UPI transactions rise 27% to 145 billion in H1 FY27 ahead of new MDR
- UPI volume rises 27% to touch 145 billion in first half of FY27
- Banks shut for Gandhi Jayanti on October 2; digital services and ATMs remain available
- Indian Bank may waive 0.28% MDR on UPI transactions
- UPI usage holds steady in September despite backlash over new MDR norms