UPI volumes, value fall in September after MDR announcement
Knee-jerk reaction
The sharper-than-usual decline in the second half indicates some caution among merchants and customers, with some industry experts describing it as a knee-jerk reaction, given that the MDR will take effect only from 15 October. “We are seeing more conversations around the cost of higher-value UPI transactions, particularly from merchants with tighter margins,” said Kunal Jhunjhunwala, founder of airpay, adding that there could be some moderation in October 2026, especially among high-value merchants.
