
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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Trinamool Congress chief Mamata Banerjee issued a video message to party workers during the counting of votes in the West Bengal Assembly bypolls, urging TMC nominees and workers not to leave counting centres and to stay vigilant.
The appeal came as Election Commission of India data showed the BJP leading in several seats, prompting Banerjee to ask workers not to lose morale. The message was directed specifically at party nominees present at counting stations, signalling concern about ground-level coordination as trends shifted.
ECI counting data at the time of Banerjee's message indicated BJP ahead in seat tallies. Bypolls in West Bengal carry outsized political significance, they act as local referendums on the ruling TMC government's performance and serve as early signals ahead of larger electoral contests.
Banerjee's direct video intervention is unusual in its timing, coming mid-count rather than after a result is declared. The move suggests the party leadership was monitoring trends closely and wanted to prevent any premature withdrawal of workers from counting halls, where agent presence matters for tallying oversight.
Counting agents from political parties play a formal role at ECI counting centres, they observe the tabulation process, can raise objections, and ensure their party's votes are recorded correctly. An absent or demoralised agent weakens a party's ability to flag discrepancies in real time.
Banerjee's appeal to hold positions therefore has a practical dimension beyond morale: keeping TMC agents present and alert through the full count protects the party's ability to contest any irregularities on the spot.
The final outcome of the bypolls and the exact seat tallies were still emerging at the time this report was filed. Whether the BJP leads convert into wins, and by what margins, will determine the political reading of this cycle for both parties heading into future elections in the state.

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.