UPI MDR vs cards: Is UPI still cheaper for merchants despite the new charges on ₹2,000+ payments?

UPI now carries a 0.40% MDR on select P2M transactions above ₹2,000, but the charge remains lower than the card rates cited by Motilal Oswal Financial Services. With a ₹300 cap and special rates for essential services and capital-market payments, the cost gap can be significant for high-value transactions.