Industrial marketplace Pneucons disables UPI on orders from Oct 10, co-founder says ‘MDR ate 94% of our margins’

Ahmedabad-based industrial marketplace Pneucons has decided to stop accepting UPI payments from October 10, with its co-founder saying the imposition of merchant discount rate (MDR) on specified online transactions would significantly squeeze the company’s margins.

“After thoughtful consideration we have decided to disable UPI going forward from 10th Oct,” Pritesh Lakhani, co-founder of Pneucons, said on X.