JP Morgan’s global payments arm has linked Indian fast‑payment systems IMPS and UPI to its worldwide network, a move that could make cross‑border transactions faster.
Max Neukirchen unveiled a 40‑basis‑point merchant discount rate (MDR) for UPI payments on Thursday. The 0.40% fee keeps UPI transactions cheaper than most card and cash alternatives, with typical card fees hovering between 1 % and 1.5 %.
Neukirchen said the fee would incentivise intermediaries, while the bank targets multinational firms in GIFT City—already servicing over 100 clients—to expand its treasury and payment services beyond trade finance and FX.
JPM expects the MDR to spur a surge in international merchants using UPI, and will pilot the fee in select markets over the next month, aiming for a full rollout by Q3 2026.