Indian mobile retailers to hold 'No UPI Day' on Oct 2 over MDR charges

India's AIMRA has called on mobile phone retailers to observe October 2 as 'No UPI Day' in protest against the 0.4% merchant discount rate on UPI transactions above Rs 2,000 starting October 15. The body estimates the fee will cost small retailers about Rs 40 crore per month and nearly Rs 500 crore annually.

• 0.4% MDR applies to UPI merchant payments above Rs 2,000 from Oct 15
• Person-to-person and small payments remain exempt from charges
• Small retailers to lose Rs 2,000–12,000 per month
• AIMRA estimates Rs 500 crore annual burden on retailers