The record
Written from the 1 report below. Nothing here is unsourced.
- The Indian government and NPCI have introduced a new merchant discount rate (MDR) framework for UPI transactions exceeding ₹5, prompting opposition from various industry sectors.
- Petrol pump dealers, retailers, and stockbrokers have expressed concerns that the added costs, particularly for transactions above ₹2,000, will impact profit margins and encourage a shift back to cash payments.
- A public-interest litigation has been filed in the Supreme Court challenging the authority and implementation of these charges.
What to watch next
- Potential government response to industry protests and the PIL
- Impact on UPI usage volumes starting 15 October
- Final court ruling on the filed public-interest litigation
Who said what3
Only words found exactly in the article are shown, attributed and linked to the line they came from.
Kumar Rajagopalan
RAI chief executive
1 quote · 1 outlet
“Small merchants will now think twice about whether to accept cash or UPI”
In the article
…bodies of traders have also raised objections about the new charges for UPI usage. The Retailers Association of India on Wednesday said that this move could encourage merchants to opt for cash payments instead of UPI. " Small merchants will now think twice about whether to accept cash or UPI ," RAI chief executive Kumar Rajagopalan said in a statement as per Reuters. He added that a high volume of transactions will be above ₹2,000, especially during the upcoming festive season, and this will make cash "the…
Dhairyashil H Patil
AICPDF national president
1 quote · 1 outlet
“UPI is a service used by the entire economy, not by traders alone”
In the article
…time", Reuters reported. The All India Consumer Products Distributors Federation (AICPDF) has written a letter to Prime Minister Narendra Modi in this regard, asking that zero-MDR UPI be continued for merchants. “ UPI is a service used by the entire economy, not by traders alone ,” AICPDF national president Dhairyashil H Patil said, as per a Times of India report. “If there is a requirement to recover a portion of the cost of maintaining this enormous digital infrastructure, the government…
Nithin Kamath
Zerodha CEO
1 quote · 1 outlet
“If every UPI transfer starts carrying an additional cost, irrespective of whether the customer actually trades, I don't see how we can absorb this indefinitely”
In the article
…per the new rules, capital-market transactions, which include payments to stockbrokers, mutual funds, as well as securities dealers, will attract a merchant fee of 0.02% of the total transaction value, capped at ₹300. " If every UPI transfer starts carrying an additional cost, irrespective of whether the customer actually trades, I don't see how we can absorb this indefinitely ," Kamath said. Sayak Basu is a digital journalist with more than seven years of experience in covering general news, politics, science, cricket, and football. He brings a sharp editorial eye and a keen attention to…
Coverage1
All filed from India
Named India · Zerodha · All India Consumer Products Distributors Federation · Clothing Manufacturers Association of India · Dhairyashil H Patil · Government of India · Kumar Rajagopalan · Narendra Modi · National Payments Corporation of India · Nithin Kamath · Retailers Association of India · Supreme Court of India
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