IBTimes

Merchants receiving up to Rs 1 lakh monthly through UPI are also exempt from MDR. NPCI said GST paid on MDR can be adjusted against output GST liability, while UPI person-to-person transactions will remain completely free.

Gold prices slipped below Rs 1,53,400 on the MCX, while silver fell below Rs 2.40 lakh per kg as rising US Treasury yields and expectations of further rate hikes weighed on precious metals.

As contactless authentication, AI agents, biometric security and multi-rail payments expand globally, India is positioning UPI to support faster, safer and increasingly autonomous digital transactions.

Congress leader Jairam Ramesh claimed that rising inflation had offset the impact of GST rate cuts announced in September 2025, arguing that consumption gains had been mixed. His remarks came as August 2026 GST collections rose 14.8 per cent year-on-year to Rs 1,99,853 crore

While digital services such as YONO, internet banking, mobile banking, UPI, ATMs and ADWMs are expected to remain available, services requiring physical visits and documentation may face disruptions.

The Reserve Bank of India is working to accelerate the rollout of the India Digital Payment Intelligence Corporation (IDPIC), which is currently being tested with eight banks. RBI Deputy Governor Shirish Chandra Murmu said the platform will help share real-time fraud intelligence using AI, machine learning and big data analytics.

Select UPI merchant transactions above Rs 2,000 will attract a 0.4 per cent MDR from October 15, capped at Rs 300. Despite the new charge, UPI remains cheaper under the headline rates than debit cards, which can carry MDR of up to 0.90 per cent, and credit cards, which typically range from 1.5-2.5 per cent.