18/09/2026
In this week’s Friday Finance, MNTC explores a question that could affect India’s most widely used digital payment system: who actually pays when UPI transactions are no longer completely free for merchants?
With proposed merchant charges on certain higher-value transactions, the change could reshape how the costs of digital payments are shared between merchants, banks, and the wider UPI ecosystem—while keeping everyday consumers outside the direct charge.
Swipe through to understand what is changing, who bears the cost, and what it could mean for the future of UPI.