UPI transaction growth slows since April as govt considers charging MDR

The growth of UPI transaction volume in the first four months of FY27 slowed to 23.5% YoY, lower than the UPI volume growth of over 33% recorded in the first four months of FY26. This comes as the Centre is considering charging merchant discount rate (MDR) on UPI transactions. The fee is charged to businesses by banks offering UPI services.