Mumbai Observes 'No UPI Day' Against Proposed Merchant Discount Rate

TV9 Hindi · business

Mumbai observed 'No UPI Day', protesting a proposed 0.4% MDR on UPI transactions exceeding ₹2,000. This new charge, set to be effective, is expected to impose a significant financial burden on traders. FRTWA urged merchants to decline UPI payments. Traders argue that this fee will increase their payment costs, despite their contributions to the Digital India initiative.