World Bank Exec Says UPI MDR Won't Trigger Major Fee Rise

During the fifth Kaushily Economic Conclave in New Delhi, World Bank Group Executive Director Neelkanth Mishra told IANS that allowing a merchant discount rate (MDR) on Unified Payments Interface (UPI) transactions would be a rule that simply grants a right, not a mandate. He emphasized that intense competition among banks, fintech firms and payment aggregators makes a large‑scale increase in transaction fees unlikely. Mishra added that the market remains open and that any attempts to collude on fees would be met with regulatory and market‑driven countermeasures. He cited examples of firms that have operated successfully without charging MDR, proving that the ecosystem can sustain lower costs.