Full story and sources: https://productgrowth.in/news/2026-09-16

UPI's zero-MDR era ends October 15 — 0.4% on merchant payments above Rs 2,000, capped at Rs 300. 🎙️

The fee structure matters more than the headline rate. The obvious read is that fintechs lose a free-feature moat. What actually shifts is unit economics for small merchants and any neo-bank that bundled UPI as a cost-free acquisition lever.

If your product sits between a merchant and a UPI rail, your margin model as of October 15 is structurally different. Model it now, before your next pricing conversation.

Today's brief also covers Semicon 2.0's VC-matching programme, Fibe's Rs 750 Crore IPO approval, Amazon Now crossing $1 billion in annualised gross sales, and Factory's $5 billion AI coding valuation.

Listen: https://productgrowth.in/news/2026-09-16/

#IndianFintech #UPIPayments #ProductGrowth

Arjun and Meera break down the day in Indian product, startups and tech — what happened, the number that matters, and why it matters if you’re building here.

Listen in 21 languages at productgrowth.in/podcast