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Incorrect merchant identity, outdated business information or inaccurate classification could result in inconsistent policy application and unnecessary disputes.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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TORONTO, Aug. 21, 2026 /CNW/ — Blue Ant Media Corporation (“Blue Ant” or the “Company”) (TSX: BAMI), an international streamer, production studio and rights business, today announced that it has received approval from the Toronto Stock Exchange (the “TSX”) to amend its normal course issuer bid (“NCIB”) effective as of August 25, 2026.

The amendment increases the maximum number of subordinate voting shares (“SV Shares”) that may be repurchased from 1,094,714 SV Shares (representing 5% of outstanding SV Shares as of October 15, 2025) to 1,810,996 SV Shares (representing 10% of the “public float” of the Company as of close of business on July 31, 2026). The “public float” represents the outstanding SV Shares held by shareholders of the Company, other than restricted shares and SV Shares held by the Company’s insiders.

In addition, the amendment also increases the daily purchase limit under the NCIB from 1,000 SV Shares to 7,582 SV Shares (representing 25% of the average daily trading volume of the SV Shares on the TSX for the six calendar months ended July 31, 2026), other than block purchase exceptions.

Purchases under the NCIB began on October 20, 2025 and will end no later than October 19, 2026. The Company continues to have an automatic share purchase plan with its designated broker, Cormark Securities Inc., in connection with the NCIB.

As of the close of business on July 31, 2026, the Company had purchased 108,300 SV Shares under the NCIB. The actual number of SV Shares repurchased under the NCIB and the timing of future purchases of SV Shares will be based on market conditions, share price, capital needs and other factors and shall be subject to the limitations set out in the TSX Company Manual.

The amendment to the NCIB is being made to increase the number of SV Shares eligible for repurchase as well as the daily repurchase limit, as the Company believes that, from time to time, the market price of SV Shares may be such that their purchase may be an attractive and appropriate use of corporate funds, and the NCIB will provide Blue Ant with additional flexibility to manage capital.

Purchases made by Blue Ant will be made on the open market through the facilities of TSX and/or alternative Canadian trading systems, in accordance with applicable TSX and other applicable trading system rules. All SV Shares purchased under the NCIB will be cancelled.

About Blue Ant Media Corporation 

Blue Ant (TSX: BAMI) is an international streamer, production studio, advertising sales, and rights-management business. The Company operates a diverse portfolio of free streaming and pay TV channels internationally, including Love Nature, Cottage Life, Smithsonian Channel Canada, BBC Earth Canada, HauntTV, Homeful, and Love Pets, as well as the subscription streaming service MagellanTV. Its studio business produces and distributes a wide range of premium content across key genres for streaming and broadcast platforms worldwide. Blue Ant is headquartered in Toronto, with a presence in Los Angeles, New York, Miami, Singapore, London, Washington, Sydney, Ottawa, and Vancouver.

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Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws in Canada.

Forward-looking information may relate to Blue Ant’s future business, financial outlook and anticipated events or results and may include information regarding Blue Ant’s financial position, business strategy, growth strategies, addressable markets, market share, budgets, operations, financial results, taxes, operating environment, business plans and objectives. Particularly, information regarding Blue Ant’s intention to use corporate funds to carry out purchases subject to the NCIB, the number of SV Shares that will be repurchased under the NCIB is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “financial outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding possible future events or circumstances, and are therefore subject to a variety of risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

Although the Company believes that the expectations reflected in such forward-looking information and statements are reasonable, such information and statements involve risks and uncertainties. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, assumptions regarding the future price of SV Shares, assumptions regarding the availability of corporate funds to complete purchases under the NCIB, as well as the expectations and beliefs of the Company, and its management and board of directors, as of the date hereof. The Company cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events that are not within its control, and there is no assurance that they will prove correct. Consequently, there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Company, its shareholders, or the future results and performance of the Company. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this news release, please refer to the Company’s public filings (including the Company’s most recent annual information form, financial statements and management’s discussion and analysis) which are available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.

Readers, therefore, should not place undue reliance on any such forward-looking statements. The forward-looking information and statements in this news release are based on beliefs and opinions of the Company at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and the Company disavows and disclaims any obligation to do so except as required by applicable law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.

SOURCE Blue Ant Media Corporation

Selected Companies for Showcase Alley Announced!

NEWPORT, R.I., Aug. 21, 2026 /PRNewswire/ — Newport, R.I. — With one week until the 3rd Annual BlueTIDE, Polaris Tech Bridge (formerly 401 Tech Bridge) is excited to announce the companies selected to participate in the event’s Showcase Alley on August 27 at Sail Newport.

Showcase Alley serves as the centerpiece of BlueTIDE’s innovation ecosystem — a dynamic, highly interactive environment where companies bring their technologies to life. Through static displays, live demonstrations, and hands-on engagement, participating organizations will connect directly with decision-makers from the Department of Defense, U.S. Navy, funding organizations, industry leaders, and academic institutions.

The selected organizations represent a diverse cross-section of innovators advancing technologies with applications across defense, maritime, and adjacent industries:

More than a traditional exhibition space, Showcase Alley is designed to accelerate the path from concept to deployment. Companies selected for participation gain a unique platform to highlight capabilities, gather real-time feedback, and spark partnerships that can drive commercialization and mission impact.

“Showcase Alley is where innovation meets opportunity. These companies have developed technologies with tremendous potential, and this event gives them a chance to demonstrate those capabilities, engage directly with government and industry leaders, and build the relationships that can turn promising ideas into deployed solutions. That kind of collaboration is essential to strengthening our innovation ecosystem,” said Matt Watson, Center Director for Polaris.

Participation in Showcase Alley reflects a competitive selection process focused on identifying technologies with strong potential to address real-world challenges and advance critical capabilities. In addition to exhibiting, select companies will also participate in one-on-one government office hours, offering direct engagement with key stakeholders and program representatives.

Growing annually since 2024, BlueTIDE continues to serve as a convening force for innovators, operators, and investors, creating an environment where emerging technologies can gain visibility, build momentum, and move closer to real-world application.

BlueTIDE 2026 will feature 70+ companies. representing 5 countries, through Showcase Alley and the in-water Collaborative Integration Opportunity. To start the day, these previously qualified technologies will be put to work in a mission-driven maritime scenario shaped with input from the Department of Defense. It’s a chance to see how these systems perform when it matters, alongside other technologies, in an environment that reflects real-world conditions.

If you are interested in seeing BlueTIDE for yourself, register today. General admission is free. The schedule for the day is as follows:

Date: August 27, 2026

Location: Sail Newport, 72 Fort Adams Dr, Newport, RI 02840

Agenda

9:00 AM to 1:00 PM – In-Water Collaborative Integration Opportunity 11:00 AM to 2:00 PM – Showcase Alley, Shoreside Demonstrations & Networking2:00 PM to 4:00 PM – BlueTIDE Featured Technology Demonstrations
A series of hand-selected demonstrations highlighting innovative technologies with high operational relevance and commercialization potential.4:00 PM to 4:30 PM – Awards & Distinguished Speakers
Technical Focus Area Awards will recognize top-performing technologies as evaluated by DoD representatives, industry leaders, and subject matter experts. Distinguished Showcase Alley companies will also be recognized for exceptional innovation and engagement throughout the event.4:30 PM to 6:00 PM – Networking Social

For more information about the event, visit www.polaristechbridge.com/bluetide

BlueTIDE Sponsors:

Flagship Sponsor:

Anduril

Anchor Sponsor:

Spear AI

Navigator Sponsors:

Black Lotus Quantum VenturesMass Clean Energy CenterRhode Island CommerceSystematicTeledyne Marine

Harbor Sponsors:

Bank of AmericaBlue Venture ForumInnovate NewportLando & AnastasiOceantic NetworkSerco

About Polaris Tech Bridge
Polaris Tech Bridge is a nonprofit dedicated to advancing dual-use and blue technology companies in Rhode Island. By connecting innovators with industry, government, and academic partners, Polaris Tech Bridge helps bridge the critical gap between research and commercialization. Through technical assistance and tailored programs, the organization enables companies to overcome barriers, expand into new markets, and access defense and other government contracts. Polaris Tech Bridge is committed to accelerating. innovation, supporting economic growth, and guiding entrepreneurs through the challenges of bringing breakthrough technologies to market. Visit www.polaristechbridge.org for more information.

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SOURCE Polaris Team