Selective UPI MDR Will Need Reliable Merchant Intelligence, Not Just a Pricing Rule

As India reopens the UPI economics debate, the implementation challenge will be identifying, classifying and treating merchants fairly

BANGALORE, India, Aug. 21, 2026 /PRNewswire/ — At CARD91, we believe the UPI MDR debate must go beyond pricing. Any selective framework will require accurate merchant verification, consistent classification and ongoing risk visibility to protect legitimate businesses and ensure fair implementation.

The passage of the Taxation and Other Laws (Amendment) Bill, 2026 has reopened the industry discussion around the Merchant Discount Rate, or MDR, on UPI transactions.

The amendment creates a legal pathway under which the existing zero-MDR structure may be modified for specified digital payment transactions. However, the Government has clarified that no immediate charge has been introduced. Consumers and person-to-person payments will remain free, small merchants will remain protected, and no final MDR framework has been announced.

Beyond the question of whether MDR should return, the industry must consider how any selective framework would work in practice. If future rules differentiate between transactions or merchant segments, banks and acquiring institutions will need accurate and current information about the businesses accepting those payments.

Incorrect merchant identity, outdated business information or inaccurate classification could result in inconsistent policy application and unnecessary disputes.

“The most difficult part of a selective MDR framework may not be setting a rate; it will be applying the policy consistently to the right merchant,” said Ajay Pandey, CEO, CARD91. “Whatever parameters are eventually adopted, banks and acquirers will need verified and explainable information about the businesses accepting payments. The quality of merchant data will directly influence how fairly any differentiated framework operates.”

Four Questions the Ecosystem Must Address

1. Is the merchant identity properly verified?

Merchant verification must go beyond collecting documents. Banks and acquirers need to establish that the business is genuine, operational and consistent with the credentials submitted during onboarding.

2. Is the merchant classified correctly?

A merchant’s declared activity, actual business model and assigned Merchant Category Code should remain aligned. Institutions also need reviewable processes for identifying and correcting classification errors.

3. Has the merchant’s profile changed?

Verification should not end after onboarding. Business activities, ownership details, digital footprints and transaction behaviour can change over time. Material changes may require additional review, but controls should remain proportionate and should not create unnecessary friction for genuine merchants.

4. What happens when the system gets it wrong?

Merchants need a clear process for correcting identity, classification or policy application errors. Explainable decisions and transparent redress will be essential if financial policies are applied differently across merchant segments.

Why Merchant Intelligence Matters Now

UPI processed 23.66 billion transactions worth approximately ₹29.88 lakh crore in July 2026. At this scale, inaccurate merchant records can create operational complexity for financial institutions and businesses.

The issue extends beyond MDR. Reliable merchant information also supports appropriate transaction limits, effective fraud controls, regulatory compliance and accurate payment categorisation.

In July 2025, before the current MDR discussion, CARD91 introduced an AI-led merchant verification and classification capability to help regulated institutions strengthen business verification and classification. The current debate highlights why accurate and current merchant information matters beyond onboarding.

A risk score or automated system should not independently decide whether a merchant is subject to MDR. Any future structure must follow the regulations and operating rules established by the Government, RBI and NPCI. Technology should support institutional judgement and consistent implementation, not replace them.

“The goal should not be to add more friction to merchant acceptance,” said A.G. Ramakrishna, Chief Product Officer, CARD91. “It should be to ensure that legitimate businesses are treated consistently while financial institutions have the information required to manage risk and implement policy responsibly.”

India built UPI’s reach by making digital payment acceptance simple and accessible. If a selective MDR model is introduced, preserving that accessibility will depend not only on the pricing decision but also on the quality, transparency and fairness of its implementation.

About CARD91

CARD91 is a payments and onboarding risk infrastructure provider, enabling regulated entities to launch and scale customer programs with ease. The platform supports seamless onboarding journeys, fraud detection, credit decisioning, card issuance across credit, prepaid, and forex, and UPI stack capabilities across issuance and acquiring.

Through its NPCI-certified capabilities and technology stack, CARD91 helps institutions design bespoke customer payment programs and  market them with speed, security, and a seamless digital experience. Built by a team of bankers and technologists and proudly made in India, CARD91 operates across key financial hubs, including Mumbai, Bangalore, Delhi, and Chennai.

For more information, visit https://card91.io/ or contact sales@card91.io.

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Eastern India Gets Major Rail Boost: Centre Approves INR 9,450-Crore Project for 410 km of New Lines

New Delhi, Aug. 21: The Centre has approved a major railway infrastructure project worth ₹9,450 crore aimed at adding around 410 km of new rail capacity across West Bengal, Odisha, Andhra Pradesh and Tamil Nadu.

 Representational Image

The expansion is expected to ease congestion on some of eastern India’s busiest railway corridors, improve passenger connectivity and accelerate the movement of freight between ports, industrial centres and inland markets.

The project is expected to benefit nearly 60 lakh people across 6,448 villages, while strengthening rail infrastructure in regions with significant industrial, mining and port activity.

Four key railway corridors to get additional capacity

The approved works cover four important sections:

Kharagpur–Bhadrak: 173 km fourth line
Bhadrak–Haridaspur: 75 km fourth line
Gummidipundi–Gudur: 90 km third and fourth lines
Cuttack–Paradeep: 72 km third and fourth lines

Together, the projects will add approximately 410 km of additional railway capacity to the network.

Odisha to gain significantly

Several important railway hubs in Odisha and neighbouring states are expected to benefit from the expansion, including Bhadrak, Cuttack, Paradeep, Haridaspur and Kharagpur, along with the Gudur corridor in Andhra Pradesh.

The Cuttack–Paradeep and Kharagpur–Bhadrak sections are particularly important for Odisha’s freight network, given their links with major industrial zones and ports. Increased rail capacity is expected to facilitate smoother movement of cargo to and from ports such as Paradeep and Dhamra.

Freight movement likely to become faster

One of the biggest advantages of the project will be increased capacity for freight trains carrying coal, iron ore, steel, cement, foodgrains, containers and automobiles.

With additional lines, freight trains will have greater operational flexibility, potentially reducing waiting time and congestion while improving the movement of raw materials to industries and finished goods to domestic and export markets.

Connectivity and economic activity

The railway expansion is also expected to generate wider economic benefits by improving access to markets, supporting industrial growth and creating opportunities for local businesses and employment.

For passengers, additional track capacity could help improve train operations and reduce delays on heavily utilised routes where passenger and freight services currently compete for limited track space.

Projects targeted for completion by 2030-31

Following the Centre’s approval, the projects will move towards implementation, including construction and tendering activities. The government has set a target of completing the works by 2030-31.

The ₹9,450-crore investment is expected to significantly strengthen eastern India’s rail network and improve the region’s role as a key corridor for passenger travel, industrial development and national freight movement.

Global Artist Hajime Sorayama Establishes Sorayama Hajime Estate Co., Ltd. and Announces New Management Structure

Best known for his iconic Sexy Robot series and the original design of Sony’s “aibo,”

Sorayama enters a new chapter of global creative activity

TOKYO, Aug. 21, 2026 /PRNewswire/ — 

Establishment of Sorayama Hajime Estate Co., Ltd.

Hajime Sorayama has officially ended his management agreement with Nanzuka Gallery and has established Sorayama Hajime Estate Co., Ltd.

Effective immediately, Sorayama Hajime Estate Co., Ltd. will serve as the exclusive point of contact for all matters relating to Hajime Sorayama, including licensing, brand collaborations, artwork management, exhibitions, media inquiries, and all other business affairs.

Official Instagram Account

At present, neither Hajime Sorayama nor Sorayama Hajime Estate Co., Ltd. has access to or holds administrative control over the Instagram account that had previously been used as his official account (@hajimesorayamaofficial).

Accordingly, information published through that account may not represent communications from Mr. Sorayama or Sorayama Hajime Estate Co., Ltd.

We are currently taking the necessary steps to regain administrative access to the account.

To avoid confusion, we kindly ask collectors, fans, business partners, members of the media, and all interested parties to refer only to the official website for accurate information regarding Hajime Sorayama and his activities.

Official Website: www.sorayamahajime.com

Intellectual Property and Artwork Deliveries

Following the end of the management agreement, we are currently organizing the transfer of the intellectual property and managed assets belonging to Hajime Sorayama.

At this time, there remain certain matters relating to the transfer of trademarks, artworks, and other managed assets that have not yet been completed. We will continue to work with all relevant parties to reach an appropriate resolution.

During this transitional period, delivery of certain artworks previously purchased by collectors may take longer than originally anticipated.

We sincerely apologize for any concern or inconvenience this may cause.

If you have any questions regarding an existing order or the delivery status of an artwork, please contact us using the information below. We are committed to responding promptly and in good faith.

Autographed Trading Cards Sold by “KAKAWOW”

Currently, within the product “2026 KAKAWOW Phantom Hajime Sorayama Trading Cards,” there are certain cards that are advertised to bear Sorayama’s hand-signed autographs. We have confirmed that these autographs were not signed by Sorayama himself.

Hajime Sorayama is consulting with the relevant authorities regarding suspected forgery and unauthorized use of his personal signature.

Hajime Sorayama and our company consider it our highest priority to protect his fans and customers from any further confusion and harm. We kindly ask all fans, business partners, and other concerned parties to exercise caution regarding this matter.

Notice to Collectors, Partners, and the Media

As we continue through this transitional period, we are aware that some inquiries are still being directed at former points of contact or based on outdated information.

For all inquiries regarding Hajime Sorayama, including artwork licensing, brand collaborations, exhibitions, media requests, and other business matters, please contact Sorayama Hajime Estate Co., Ltd.

Our mission is to protect and manage Hajime Sorayama’s artistic legacy and intellectual property while continuing to develop new projects with partners around the world.

We sincerely appreciate your understanding, patience, and continued support during this transition.

Statement from Hajime Sorayama

To my fans, collectors, business partners, and everyone who has supported me throughout the years, I would like to express my sincere apologies for any concern or inconvenience caused during this transition.

I am deeply grateful to everyone who has supported my artistic journey. Going forward, Sorayama Hajime Estate Co., Ltd. will serve as the official source of accurate information regarding my work and activities.

I remain fully dedicated to creating new work every day. Throughout my career, I have always pursued the challenge of creating what no one has ever seen before—work that is unlike anything anyone else has created. This philosophy continues to guide my practice, and I look forward to sharing new works with audiences around the world.

I will continue to approach every new creation with sincerity and dedication, striving to inspire curiosity and excitement through my art. I am currently working on many exciting projects that I’m sure will surprise everyone, so please stay tuned.

Thank you for your continued trust and support.

Hajime Sorayama

About Sorayama Hajime Estate Co., Ltd.

Sorayama Hajime Estate Co., Ltd. was established to manage and protect the artworks, intellectual property, licensing activities, and brand collaborations of internationally acclaimed artist Hajime Sorayama.

The company serves as the exclusive representative for Mr. Sorayama’s business affairs and is committed to protecting his artistic legacy while fostering new collaborations and projects worldwide.

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Sprite and IRCTC Flag Off India’s First Branded Train as the Sprite Tejas Express

The Sprite Tejas Express will operate on the Lucknow–New Delhi–Lucknow route, bringing Sprite’s signature refreshment and experiences to Indian travellers.

NEW DELHI, Aug. 21, 2026 /PRNewswire/ — Rail travel has long been an integral part of India’s mobility and social fabric, connecting cities, communities, and millions of passengers across the country. In a first-of-its-kind partnership, Sprite and the Indian Railway Catering and Tourism Corporation (IRCTC) today flagged off the Sprite Tejas Express, in the presence of senior leadership from Indian Railways, IRCTC and Coca-Cola India. Bringing together Sprite’s signature refreshment with India’s diverse travel culture, the partnership creates a new experience for passengers travelling between the two cities, where varied tastes, preferences and shared moments come together along the journey.

The Delhi–Lucknow corridor offers Sprite an opportunity to connect with consumers across one of its key markets, while reaching travellers across business, leisure, and family journeys. The Sprite Tejas Express will operate on the Lucknow–New Delhi–Lucknow route for six months starting August 2026, with five coaches featuring Sprite branding across the exterior. The train will also be announced as the Sprite Tejas Express at originating and en route stations on both legs of the journey.

The experience extends onboard, with Sprite featuring as part of the passenger food bundle. The inauguration will also see passengers receive Sprite samples and merchandise, with the association set to bring further Sprite-led experiences onboard.

Abhishek Gupta, Vice President, Customer Development, Coca-Cola India & Southwest Asia, said, “We congratulate IRCTC on this innovative partnership and an important milestone for travel experiences in India. At Coca-Cola, we continue to explore collaborations that can unlock new avenues for growth and create shared value. Our association with IRCTC reflects our commitment to building long-term customer relationships and expanding our presence across the travel ecosystem. With the Sprite Tejas Express, we are bringing Sprite’s refreshment and creating a more engaging experience for travellers.”

The Sprite Tejas Express directly integrates sustainability into the passenger journey by incorporating practical, recycled material applications on ground. At the station, benches made from recycled plastic, with each bench repurposing approximately 45 kg of post-consumer packaging waste. Extending this approach to its ceremonial launch, the train’s flag-off featured an official flag made from repurposed PET bottles, demonstrating how discarded materials can be transformed into functional and meaningful elements. 

Ajit Kumar Sinha, Chief Regional Manager, Lucknow Division, IRCTC, said, “At IRCTC, we continuously look at opportunities to enhance the passenger experience across our premium train services through relevant partnerships and initiatives. Our association with Sprite on the Tejas Express brings an established consumer brand into the travel environment through an integrated onboard experience. We look forward to making the journey more engaging for passengers travelling on the Lucknow–New Delhi route.”

Further building on Sprite’s connection with food culture, the brand has also collaborated with Wow! Momo as part of the Sprite Tejas Express experience.

The Sprite Tejas Express marks a new association for Sprite, bringing the brand into the travel occasion and creating new opportunities to connect with consumers through the moments, preferences and experiences that shape their journeys.

About Coca-Cola:

Coca-Cola in India is one of the country’s leading beverage companies, offering a range of high-quality and refreshing beverage options to consumers. The company, in line with its vision of ‘Beverages For Life’ offers a wide portfolio of products which includes hydration, sports, sparkling, coffee, tea, nutrition, juice and dairy based products. In India its beverage range includes Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Thums Up, Thums Up XForce, Charged, Fanta, Limca, Sprite, Sprite Zero, Kinley Soda, Rimzim, Maaza, Minute Maid range of juices and Honest Tea. The Company also offers hydration beverages including Limca GlucoCharge, Smartwater, Kinley, Kinley Copper, Dasani and Bonaqua packaged drinking water. Premium products constitute Schweppes’ range and Smartwater. In addition, it offers a Costa Coffee range of tea and coffee. The Company is constantly transforming its portfolio, from reducing sugar in its drinks to bringing innovative new products to market.

The Company along with its owned bottling operations and franchise bottling partners has a strong network of over six million retail outlets through which it refreshes millions of consumers across the country. It seeks to positively impact people’s lives, communities, and the planet through water and packaging initiatives, sustainable agriculture and emission reductions across its value chain.

Globally together with its bottling partners, The Coca-Cola Company employs more than 700,000 people, helping to bring economic opportunity to local communities worldwide. Learn more at www.cocacolacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.

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Celebrating India’s Entrepreneurial Spirit and the Next Wave of Innovation: Ms. Suranjana Ghosh

By:- Suranjana Ghosh, Head – Marico Innovation Foundation

“Entrepreneurship is, at its heart, an act of pure and continued courage—and today, that courage is driving a monumental shift in India’s growth story. Entrepreneurship has rapidly become the central engine of our economy and a preferred career of choice for many of our brightest minds. Across every corner of the country, a new generation of ambitious builders is stepping up to show that India is not just adopting technology—we are creating ground breaking solutions for the world.

On World Entrepreneur Day, we celebrate this booming startup energy. Today’s entrepreneurs are redefining success. They aren’t just chasing quick valuations; they are choosing to solve hard, structural problems—building scalable businesses that generate employment, drive economic resilience, and improve real lives. This entrepreneurial surge is the next big wave shaping our national identity, proving that sustainable, impact-driven business is the true currency of the future.

However, momentum alone isn’t enough. Transforming a bold vision into an enduring enterprise is a complex, long-term journey. As the startup landscape expands, the challenges of scaling from early traction to sustainable market leadership become steeper. Founders don’t just need capital; they need patient guidance, strategic market access, and a supportive ecosystem that backs their long game when navigating uncharted growth phases.

At Marico Innovation Foundation, our role is to fuel this rising tide. Through zero-equity support, customized mentorship, and ecosystem access, we stand shoulder-to-shoulder with remarkable founders to help them accelerate their reach without compromising their mission. To every entrepreneur turning uncertainty into opportunity and driving India’s rise as a global innovation powerhouse: your vision is building tomorrow. Today, we celebrate your grit and pledge to back your ambition every step of the way.”