Mumbai survey: 80% oppose 0.4% MDR, may switch payment methods
India
A new survey says 80% of Mumbai residents aren't happy about the upcoming 0.4% Merchant Discount Rate (MDR) on UPI payments over ₹2,000, set to kick in on October 15.
After years of free UPI payments, many people say they'll switch to credit cards, cash, or debit cards if shops start passing the fee onto customers.
Nationally only 17% merchants absorb charge
Trade groups like FRTWA and MACCIA are protesting with a "No UPI Day" on October 2.
Nationally, only 17% of merchants are willing to absorb the new charge.
In Mumbai, just 21% say they'd stick with UPI if the fee goes ahead, so expect more people reaching for their wallets instead of scanning QR codes for bigger purchases.