Indore Traders Declare No-UPI Day Over 0.4% MDR Charge
By Business Desk
Indore traders announce No-UPI Day on September 23 to protest the 0.4% Merchant Discount Rate charge, warning of a potential wider boycott.
Traders in Indore have organized a protest dubbed No UPI Day scheduled for September 23. This demonstration is a direct response to the imposition of a 0.4% Merchant Discount Rate on UPI transactions, which business owners argue places an unfair financial burden on them.
The Core Grievances Behind The Boycott
The trading community has expressed strong opposition to these charges. Business owners argue that the implementation of the Merchant Discount Rate directly impacts their daily operations and profit margins.
Escalation Plans And Wider Industry Impact
Traders have warned that if the fee is not revoked, they are prepared to escalate their actions. This escalation could potentially lead to a wider boycott of UPI services across the region.
The protest highlights growing tensions between merchants and payment service providers regarding transaction costs in India’s digital payment ecosystem. As the September 23 date approaches, the digital payments sector watches closely to see if concessions will be made.