Topic
UPI, NPCI, RBI, QR acceptance, MDR policy, settlement and digital payment infrastructure in India.
Government data showing 55.49 crore UPI users and Rs 314.23 lakh crore in FY26 value highlights a rail that now must scale security, uptime and cross-border trust.
UPI's zero-fee promise remains intact for consumers and small merchants, but the funding model behind India's real-time payment rail is entering a new phase.
India's UPI fee debate is becoming a test of payment-policy balance: keep consumers and small merchants protected while funding resilient real-time rails.