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FX live, 150 of 153 currencies refreshed 16 Oct 2026 from open.er-api.com (exchangerate-api.com). The remainder use a seeded reference rate.
NPCI · launched 2016
India's instant account-to-account rail. Person-to-merchant UPI has carried a government-mandated zero merchant discount rate since January 2020, which is why it now dominates Indian retail payments.
Representative of this rail in this market. Directionally useful, but not a quotable rate, confirm with the provider. Source: RBI / NPCI zero-MDR mandate.
Market
In force since 1 Jan 2020
0% effective
−100.0% relative · from 0.35%
−100.0% relative · 4 revisions
Online · percentage component
Rates are step functions: each level holds until it is replaced.
Every recorded change, newest first, with the movement from the rate it replaced.
1 Jan 2020 → current
Finance Act 2019 zero-MDR mandate took effect for UPI and RuPay person-to-merchant payments.
30 Jul 2018 → 1 Jan 2020
10 Jun 2017 → 30 Jul 2018
Online pricing across every country where this method is available, with the cost on a ₹100.00 payment for comparison.
| Market | Listed fee | Cost on 100 | Effective | Since | Basis |
|---|---|---|---|---|---|
| India | No fee | ₹0.00 | 0% | 1 Jan 2020 | Estimate |
11 Apr 2016 → 10 Jun 2017
UPI launched with bank-set MDR broadly in line with debit card rates.