MobiKwik Exclusive: Who Pays For UPI Now? Upasana Taku On MDR & Merchant Impact

UPI payments are entering a new phase as the revised Merchant Discount Rate (MDR) framework takes effect from October 15, 2026. Select UPI merchant transactions above ₹2,000 will attract an MDR of 0.4%, while transactions up to ₹2,000 remain free for consumers. In this exclusive discussion, Upasana Taku, Co-Founder, Executive Director & CFO of MobiKwik, explains what the new UPI MDR framework means for merchants, fintech companies and the wider digital payments ecosystem. Is 0.4% enough to make UPI more sustainable? Could the new pricing change merchant behaviour, and does this mark the beginning of a broader shift towards UPI monetisation? Watch the full conversation for Upasana Taku’s perspective on the future of UPI payments, merchant economics and fintech profitability.