Retailers Against UPI, Startup IPO Sprint & More

Indian retailers are gearing up to launch a nationwide "No UPI Day" on October 2 in protest against the proposed MDR (Merchant Discount Rate) on UPI payments. Industry bodies argue that the new regime will lead to margin erosion and an estimated ₹9,000 Cr in annual costs. The Centre recently introduced a new framework allowing a 0.4% MDR on P2M UPI payments above ₹2,000, capped at ₹300, effective from October 15.

While the government claims only 4% of merchant transactions will be impacted, retailers argue that the levy could cause an annual burden of thousands of crores, squeeze working capital, and incentivize transaction splitting. The Supreme Court has declined to intervene in the matter, terming it "more technical than legal," but has issued notices to the Centre, RBI, and NPCI within four weeks.