UPI MDR is set to be introduced on select high-value merchant transactions from October 15, 2026. But who will actually earn from this new charge? In this video, we explain how MDR works, who pays it, and how the revenue could be distributed among banks, payment service providers and UPI apps. We also examine the role of major UPI platforms like PhonePe and Google Pay, their links with US-based companies, and why the move has triggered a political debate. The government says MDR is not a tax and is aimed at creating a sustainable revenue model for India’s digital payment ecosystem.
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Production: Asif Asrar
Video Editor: Dinesh
