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.
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npci
India Bill Opens Path to UPI Merchant Fees
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.
UPI Hits Record 23.2 Billion Transactions in May
UPI processed a record 23.2 billion transactions worth Rs 29.90 lakh crore in May 2026, up 3.8% from April, per NPCI data. The milestone deepens pressure on regulators to address market concentration, with PhonePe and Google Pay together holding nearly 80% of transaction volume.
PhonePe Hits 47% UPI Share Ahead of IPO
PhonePe's UPI market share rose to 47.07% in April 2026, even as total UPI volume dipped 1.3% month-on-month to 2,235 crore transactions. With an IPO on the horizon and NPCI's 30% market share cap deadline set for December 2026, regulatory pressure on the company is building.
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npci
Indian Govt serves up the UPI MDR removal that Phonepe has been waiting for
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.
24d ago · 4 min · Policy & Government
Govt Opens Door to MDR On UPI, To Amend Digital Payment Rules
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.
25d ago · 4 min · Policy & Government
UPI crosses 23 Bn monthly transactions for the first time in May
UPI processed a record 23.2 billion transactions worth Rs 29.90 lakh crore in May 2026, up 3.8% from April, per NPCI data. The milestone deepens pressure on regulators to address market concentration, with PhonePe and Google Pay together holding nearly 80% of transaction volume.
2mo ago · 3 min · Markets
UPI In April: PhonePe Tightens Grip With Over 47% Market Share
PhonePe's UPI market share rose to 47.07% in April 2026, even as total UPI volume dipped 1.3% month-on-month to 2,235 crore transactions. With an IPO on the horizon and NPCI's 30% market share cap deadline set for December 2026, regulatory pressure on the company is building.
3mo ago · 3 min · Markets
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