Indore Traders To Observe 'No UPI Payment Day' On September 23 Over 0.4% MDR Charges
Indore (Madhya Pradesh): Anguished by imposition of Merchant Discount Rate (MDR) on the payments made using UPI, scheduled from October 15, on the payments made above Rs 2,000, the traders of the city have decided to observe 'No UPI Payment Day' on Sept 23. Also, they have decided not to accept the UPI payments above Rs 2,000 from Oct 15. The decision in this regard was taken in a special meeting…
Indore traders have announced a No UPI Payment Day on September 23 in protest against the impending imposition of Merchant Discount Rate (MDR) on UPI payments above Rs 2,000, which is set to take effect from October 15. Over 0.4% MDR charges have been proposed for transactions above the specified amount. A special meeting was held by the Ahilya Chamber of Commerce and Industries, attended by representatives from over 100 trade associations.
The traders unanimously opposed the new charges, stating that they would hinder the progress of Digital India. The new framework will apply to person-to-merchant (P2M) transactions, but does not affect customers directly.
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