Negative impactSector
Is India changing UPI fee rules amid US pressure? GTRI raises concerns
CNBC-TV18 1 hr ago·15 Sept 2026, 11:15 am
Global Technology Research Institute (GTRI) has raised concerns that India might modify its UPI fee rules to appease the United States. The institute warns that shifting away from the current zero-MDR (Merchant Discount Rate) model could primarily benefit major private payment apps like PhonePe and Google Pay, potentially squeezing out smaller competitors.
This potential shift is being linked to pressure from US card networks, Visa and Mastercard, to increase their revenue. However, GTRI cautions that altering the zero-MDR structure could harm the broader digital payments ecosystem by raising costs for merchants and users.
Investors should watch for official government updates on UPI fee structures. The outcome will be crucial for the digital payments sector, as it determines whether the market remains open to all players or consolidates around a few dominant platforms.
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