Overview
National Payments Corporation of India (NPCI) operates India’s unified payments infrastructure, including upi, the world’s largest real-time payments rail by transaction volume. NPCI sets operational parameters through the UPI and Services Steering Committee.
Recent Developments
- 2026-09-15: Announced 0.4% MDR on P2M UPI transactions above ₹2,000, effective October 15, 2026; ₹300 cap on transactions ≥₹75,000 (2026-09-15-india-upi-large-transaction-fees)
- P2P, small merchants (≤₹1 lakh/month P2PM), and transactions ≤₹2,000 remain free
- Ministry of Finance: only 4% of merchant transactions affected