
India to Restore UPI Merchant Fees, PhonePe Gains Most
India's government plans to amend the Payment and Settlement Systems Act to restore UPI merchant discount rates, ending the zero-MDR regime in place since January 2020.
Key Takeaways
May 4, 2026 · 2 min read · By Rishabh Bhardwaj
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The Congress-led United Democratic Front (UDF) is heading toward a majority in Kerala's assembly election, with early trends showing it crossing the 71-seat halfway mark needed to form a government. The ruling Left Democratic Front (LDF), led by Chief Minister Pinarayi Vijayan, has fallen well behind in the count.
A majority in Kerala's 140-seat assembly requires 71 seats. The UDF crossing that threshold in early trends signals a significant swing away from the LDF, which has governed the state under Vijayan. If the trends hold, this would end the LDF's current term in office and return the Congress-led alliance to power.
Kerala has historically alternated between the UDF and LDF at most election cycles, so a UDF victory would fit that long-running pattern. Still, early trends can shift as counting progresses, and the final seat tally will determine whether the UDF's lead is narrow or commanding.
The key questions now are the final margin of the UDF victory, which constituencies flipped from LDF to UDF, and whether the Bharatiya Janata Party or other smaller parties make any notable gains. A thin UDF majority would make coalition management more delicate, while a larger win would give Congress a firmer hand in government formation.
Full winner and loser details were not yet available in early reporting, but the directional signal is clear: the LDF faces a difficult path to retaining power based on current counts.

India's government plans to amend the Payment and Settlement Systems Act to restore UPI merchant discount rates, ending the zero-MDR regime in place since January 2020.
India's government has introduced the Taxation and Other Laws (Amendment) Bill, 2026, proposing changes to payments regulation, income tax, and the Finance Act to attract FDI and support Make in India. The Bill's final shape will depend on parliamentary debate and committee review.
The government's Taxation and Other Laws (Amendment) Bill, 2026, proposes to replace the blanket UPI MDR ban with a system allowing the Centre to notify which payment modes stay fee-free.
Prime Minister Narendra Modi inaugurated the Rs 5,000 crore Bhogapuram greenfield airport in Andhra Pradesh, built under a public-private partnership model. He also laid foundation stones for infrastructure projects worth nearly Rs 18,000 crore in the state, signalling a broad investment push for the region.