October 15 2026 merchants to pay UPI fee over ₹2,000

Business Sep 17, 2026

Starting October 15, 2026, merchants will pay a small fee (up to 0.4%) on UPI payments over ₹2,000 made to merchants.

While these bigger transactions make up just 4% of all UPI payments by number, they account for a whopping 67% of the total money spent.

This new rule could bring in ₹270 billion each year by fiscal 2028.

Banks gain ₹12,000cr SBI biggest beneficiary

Banks are set to gain most from this change, about ₹120 billion in profits, according to analysts.

SBI is expected to benefit the most thanks to its large share of savings accounts, with Axis Bank and Yes Bank also getting a boost as major UPI players.