Indian Finance Minister Nirmala Sitharaman announces that India's Unified Payments Interface (UPI) processes more than 2,400 crore transactions every month, cementing its position as the world's largest real-time payment system. The merchant discount rate (MDR) applies to UPI transactions over Rs 2,000, incurring a 0.4% fee with a cap of Rs 300 per transaction. The NPCI (National Payments Corporation of India) postpones the MDR implementation until after Diwali. Payments of Rs 2,000 or less do not incur an MDR, and small merchants receiving up to Rs 1 lakh monthly via eligible UPI QR payments remain exempt. Small business owners, such as temporary fast-food shops, peanut stores, or shops selling cups and plates in a village fair, use UPI apps PhonePe, Google Pay, and Paytm QR code scanners for transactions in Tehatta, West Bengal, India, on October 26, 2026.
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