MA · Earnings call · 2026Q3T · Full report

India UPI Fee Policy

Mastercard Inc · 2026-10-29 · Importance 17 · Surprise 24

Management said India’s government-led UPI system has brought many people into the financial ecosystem and grown to considerable scale. Citing reports, CEO Michael Miebach said UPI’s owners were considering additional fees, presumably to fund the system as it grows, and said Mastercard welcomed that decision. Mastercard said it continues to engage with the Indian government and private sector and to strengthen its debit proposition; management described its approach in India and Brazil as both partnering and competing.

Key facts

• Mastercard management said it welcomes the possibility of additional UPI fees in India and continues to engage with India's government and private sector.
• Mastercard management said the company has strengthened its debit proposition to compete in India.